TCS Actuarial Data Validation & Reconciliation Framework

Industry

Building actuarial models for pricing, reserving, and financial reporting with accurate and reliable data

CHALLENGE

Actuarial business functions like asset liability management (ALM), pricing, valuation, experience studies, capital adequacy assessment, re-insurance, catastrophe risk modelling, financial reporting, and PRT/LRT require consistent, accurate, and reliable data. Given the impact of uncertain events such as a pandemic like COVID-19 on actuarial businesses and risks such as climate change, insurers are being forced to model the impacts without adequate historical insights. Additionally, insurers are required to be compliant with regulatory changes (such as IFRS17, LDTI, and SII) while embarking on transformation programs (like policy administration systems, tool conversion, and so on), which involve handling data from multiple legacy systems. Manual off-system adjustments, reconciliation, inconsistent reporting data, as well as missing data add to the problem.

TCS SOLUTION

TCS’ Actuarial Data Management Services help in reconciliations and divergences of model points using automation. It supports organizations to consider new data requirements, compare with existing model points, and discover incremental additions to data attributes.

Our data management services provide insights on the data changes required to handle new risks and help envisage a common process for model point files and single source of data for all business functions, starting from pricing and reserving to valuation and reporting.

By using TCS’ Actuarial Data Management Services, insurers can automatically analyze a range of data attributes and values to compare all historic data against current actuarial data. Our models built on open-source stack, are compatible with various data structures used across various actuarial tools and enable comprehensive actuarial data mapping.

BENEFITS

While serving as an actuarial data assessment model, TCS’ Actuarial Data Management Services can help insurers:

Quickly identify incremental changes in model points
Analyze gaps with respect to new actuarial data requirements
Envisage solutions for consistent and common process for model points

TCS’ services can also be used for model outcome testing, reconciliations during model conversions and PAS conversions.

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TCS works hand in hand with world-leading investors.

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

TCS’ Actuarial Data Management Services

Industry

CHALLENGE

TCS SOLUTION

BENEFITS

Transformation starts here

TCS is here to make a difference through technology.

We deliver excellence and create value for customers and communities.

Extraordinary expertise leads to remarkable results.

Want to be a global change-maker? Join our team.

Find the latest news about TCS in our Newsroom

Recent Press releases

Recent News

Recent recognitions

Upcoming events

TCS works hand in hand with world-leading investors.

Industry

CHALLENGE

TCS SOLUTION

BENEFITS

Related reading

Transformation starts here