How we helped a client meet a regulatory requirement in a way that also strengthened the links between data and decision making.
The background
As the outsourced Actuarial Function for a large insurer, we were required by new regulations to give an opinion on the firm’s underwriting policy and practice.
A particular challenge involved trying to find a way to dynamically communicate our findings to the key decision-makers in real time, using a graphical approach to avoid the need to delve into technical models.
Our solution
We harnessed untapped historical claims data from a variety of sources and created an interactive dashboard to:
- Show headline trends in underwriting performance
- Highlight the factors driving the results
- Make it possible to drill down to individual risks and claims
Our innovative use of dashboard technology enabled us to deliver the solution for our client in a very short space of time.
The results
Our client was able to meet a regulatory requirement in a way that also added real value to the business. The firm is now able to gain a better insight into its risk profile and improve decision-making.
