Actuarial process improvement

PwC supports key operational aspects of all actuarial processes that support the financial reporting function for insurers seeking to improve financial reporting timeframes, streamline actuarial reserving processes, restructure actuarial functions, and enhance the effectiveness of actuarial models and systems.

Potential issues

  • You want to streamline your actuarial reporting process to improve efficiency, reduce reporting timeframes or free up scarce actuarial resources, potentially via outsourcing.
  • You need to reconfigure your actuarial function and implement rigorous controls to support ever-increasing financial reporting requirements.
  • You need to update and formalize the documentation of your actuarial and financial reporting processes.

How we can help

  • Designing and implementing an efficient, streamlined and cost-effective valuation and reporting process that helps you meet shorter reporting deadlines and focus on value-adding activities.
  • Advice on options for actuarial function structures that increase the value of the systems, processes and expertise that overlap across reporting bases and actuarial workstreams.
  • A comprehensive actuarial and financial reporting procedures manual that meets Sarbanes-Oxley requirements (if applicable), strengthens management controls, and supports training of new personnel.

Our services

  • A "smart close" project that helps streamline all financial reporting tasks and provides tools and training for value-adding activities.
  • Assessment of actuarial processes and controls, together with solutions for their effective management within the risk framework of the company.
  • Structural review of the actuarial function with solutions that will meet the needs of tomorrow's financial reporting requirements and increase the efficient use of systems and expertise.
  • Full service project management that drives the development of documentation and process mapping for all key actuarial and financial reporting procedures.