Automated Data Analytics for a Large Insurance and Asset Management Provider

𝐂𝐥𝐢𝐞𝐧𝐭 The client is a leading insurance provider and one of the largest institutional investors in the UK, with one trillion pounds under management. 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞 The client was struggling with inefficiency in its actuarial workflow, resulting in high costs and lost deals. It was taking weeks for its actuarial team to perform risk and profit analyses for a single insurance deal. Such long and inefficient processing stifled profitability on insurance deals and placed the company at a competitive disadvantage. 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧 The company partnered with DataArt to design and build an automated data analytics platform with a simple, intuitive user interface. DataArt and the client analyzed the existing actuarial workflow and concluded that they could simplify and automate about 90% of the time-consuming and resource-intensive actuarial processes. Actuaries could then focus on higher-value analyses to best mitigate risk and optimize the pricing of insurance deals. The client also required rapid delivery, with the goal of having a minimum viable product (MVP) working in time to support preparations for an upcoming deal that would enable the client to break into a new market. DataArt and the client analyzed the existing actuarial workflow and concluded that they could simplify and automate about 90% of the time-consuming and resource-intensive actuarial processes. 𝐓𝐡𝐞 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡 The client engaged DataArt on a T&M basis, trusting the design and development team to rapidly learn through its Agile process. The team would work in two-week sprints to iteratively design, deliver, and refine the highest value requirements through: 𝐔𝐒𝐄𝐑-𝐂𝐄𝐍𝐓𝐄𝐑𝐄𝐃 𝐃𝐄𝐒𝐈𝐆𝐍 Actuaries closely collaborated with DataArt’s designers to iteratively develop a simple web interface that enabled actuaries to easily input and view data instead of having to comb through extensive spreadsheets. By providing early user feedback on initial prototypes, actuaries also enabled the designers to: Maximize usability Minimize rework by incorporating key improvements before React developers began programming 𝐒𝐓𝐑𝐀𝐓𝐄𝐆𝐈𝐂 𝐀𝐔𝐓𝐎𝐌𝐀𝐓𝐈𝐎𝐍 The client also worked with DataArt to prioritize processes that would add the highest value. Having identified data input as a particularly time-consuming process, DataArt created API-based integrations so that actuaries could quickly and securely access and store both external and internal data. The team also harnessed Excel’s calculation power to automate repetitive tasks so that actuaries could efficiently validate models and easily run hundreds of sensitivity tests simultaneously. Maximized performance for the most complex and demanding market scenarios Tighter integration with market surveillance for improved regulatory compliance Lower TCO due to improved automation and monitoring Improved customer satisfaction. 𝐓𝐡𝐞 𝐎𝐮𝐭𝐜𝐨𝐦𝐞𝐬: • Completed MVP In Time To Help Secure A Strategically Important Deal; • Dramatically Increased Efficiency; • Boosted Performance. 𝐋𝐨𝐨𝐤𝐢𝐧𝐠 𝐀𝐡𝐞𝐚𝐝 DataArt and the client established a flexible, long-term partnership that supports further improvements to the platform: With further automation, actuaries will soon be able to complete analyses for a deal in a matter of hours rather than months. Such increased efficiency will enable the actuarial team to take on smaller deals while still realizing a significant profit. The platform will also expand to cover a wide variety of deal types, enabling the client to become a pioneer in new markets. Designed from the outset with cloud readiness in mind, the platform will soon migrate to cloud services allowing seamless scaling to meet the resulting expansion in deal flow.