As modeling requirements grow and insurers’ models become more complex, there is a greater recognition of the operational risks involved in the actuarial modeling process. A key driver for insurers updating their modeling frameworks has been the need to implement evolving regulations and standards such as IFRS 17.Insurers must put appropriate model controls and governance in place to reduce opportunities for errors in the modeling process.
Increasing demands on the actuarial function mean that modeling teams must review their processes to identify how best to meet both higher productivity and tighter controls. In this paper, we will look at some of the key areas actuarial functions are examining to help address these pressures and challenges. We will also explore some of the opportunities in these areas that can both add value to and increase efficiency of the actuarial modeling process.
Read "Getting More from Your Actuarial Modeling" to learn more.