- Actuarial Modeling, as well as Pricing Tools and Processes, are undergoing major changes that help carriers deliver faster processing, improved ease of use, integration of advanced methodologies and improved data visualization
- The ability to respond quickly to regulatory change is critical in all areas of an organization, including the actuarial functions and processes. The Actuarial units require to be efficient and flexible enough to adjust and respond as soon as the regulatory changes or new regulations are published
- Actuarial units must be able to get the required data for a variety of their business needs. Part of the challenge comes from having to deal with fragmented or inadequate data sources. This is especially critical due to the heightened scrutiny of auditors and regulators and the demands of SOX Compliance for easy to maintain Actuarial Reference Data Management
TCS Actuarial Team has been providing actuarial services to dozens of leading life, annuity, specialty, property and casualty insurers over the past 8+ years in the areas of transformation, modernization, support services in pricing, rate-filing etc.
Based on this experience, TCS Actuarial Practice is ready to address an insurer’s requirements in the following areas for their actuarial unit:
- Product and Pricing
- Rate Making, Rate Filing and Annual Indications
- Reserving and Liability Valuation
- Finance and Capital Modelling
- STAT, GAAP and IFRS Reporting
- Loss Projections
- Risk and Portfolio Management
- Actuarial Data Services & Tools Support
- Actuarial Transformation for M&A, Modernization Programs, etc.
We also provide actuarial process consulting and re-engineering, actuarial robotics and automation, peer review support, predictive modeling, and other solutions and services, as needed.
As part of one of the largest IT and business services organizations, we draw on the extensive knowledge of our Actuarial team comprising Credentialed Actuaries, Actuarial Consultants, Actuarial Analysts, Tool Experts (in Reserving, Pricing, etc.), Postgraduates in Actuarial / Statistics, Risk Managers, as well as our industry Domain Specialists.
Beyond the everyday actuarial processing services, TCS also leverages its resource and innovation networks to extend investment and research into areas that include impact of climate change on mortality, property risk coverages, and cyber risk measurements, among others.
Some of the measurable benefits & improvements of the engagements with our clients:
- Reduction in TAT and Process Time: Actuarial Shared Services to a Global Insurer resulted in 40% reduction of process time for actuarial support by creating a pool of actuarial pricing and calculations analysis.
- Improve the Performance & Efficiency of Pricing Models: Assessment of Pricing Processes and Tool delivered implementable recommendations to improve the efficiency and performance by over 30% for a Global Insurer in the Middle East.
- Reduce the time to merge financial liabilities: Actuarial Data Solutions for an Insurer from North America has helped on-board the liabilities data of four M&A deals to merge with the financial statements in a short time by reducing the overall duration by about six months.