Skip to content Skip to footer
Search

Loading Results

What are the benefits of actuarial and finance modernization?

Modernizing will promote better business practices, greater innovation, and provide a competitive advantage.

Overview

The benefits of operational change will promote better business practices, greater innovation, and provide a competitive advantage. Notably, companies that modernize will benefit from enhanced data analytics, better underwriting and management decisions, more efficient capital usage, and more attractive products.

 

Why Modernize?

  • Improved analysis
  • Enhanced stakeholder communications
  • Efficiency gains
  • Resource efficiency
  • Competitive advantage
  • Better management information

View more

Why Modernize Holistically?

  • Future-proof
  • Efficiency gains, including process consolidation and streamlining and strengthened internal linkages and reduction of internal silos
  • Economies of scale
  • Metric reconciliation and consistency
  • Internal consistency of metrics and reporting

View more

Why Modernize Now?

  • Meet regulatory requirements
  • Early adapter access to optimal resource pool
  • First mover advantage
    • Regulatory preparedness
    • Influencing
    • Perception
    • Decisions (products/M&A)
    • Embedding value
  • Maximize program flexibility
  • Make processes strategic rather than just reactive
  • Linkage to current strategic initiatives

View more

Benefits

Moreover, modernizing holistically - not in a piecemeal fashion - can provide significant savings from not “ripping up the road more than once.” Rather than treating each regulatory development and business imperative as one-offs, holistic modernization can provide greater organizational efficiency, speed, scalability and leverage. Benefits of this approach include:

  • Future-proof metrics – Redesigned processes and systems will produce metrics to satisfy current and future standards and regulatory requirements.
  • Improved analysis – Improved automation and enhanced tools will help employees focus on high-value added analysis.
  • Process efficiency – Automated feeds and processes mean reduced process times, less manual intervention, and reduced dependencies on any one individual.
  • More efficient and less costly infrastructure – Reconciled processes, efficient deployment of resources, and consolidation of systems will streamline infrastructure and help drive down costs.
  • Optimized use of resources – For example, actuaries will be able to spend more time on value-added analysis.
  • Enhanced controls – Increased confidence in results, automated controls, and greater responsiveness in a changing regulatory environment.
  • Improved governance – Clearer and more efficient processes mean less complex governance.
  • Greater transparency – Greater understanding and consistency of results produced and fewer “surprises” in financial results.
  • Improved stakeholder communications – Better data quality, a “single source of the truth,” and comparable performance metrics will provide all stakeholders a common “language.”
  • Timely and Relevant Management Information – Facilitates strategic and operational planning and decision-making.

Contact us

Jeannette Mitchell

Insurance Trust Solutions Leader, PwC US

Mary Helen Taylor

Partner, Assurance, PwC US

David Honour

Partner, Actuarial Modernization Leader, PwC US

Richard de Haan

Partner and Global Actuarial Leader, PwC US

Follow us