Volatile global equity markets and record low US interest rates have impacted the investment income and risk-based capital levels of life and annuity insurers. New reserving standards coupled with an increasing policy base will stress reserving systems, demanding large amounts of computing power and accurate data to process reserves quickly and correctly. To bridge the approaching reserve gap, insurers need to respond with mature processes and sound technology investments in actuarial systems.
Actuarial systems that project future cash flows for life insurance products are a key technology for both solvency and product pricing. An added benefit for insurers includes actuarial consulting, a core competency that providers of actuarial systems have developed to drive sales and the proper use of their products. When a firm purchases an actuarial system, they are partnering for both a software application and a level of risk management expertise to blend with internal talents.
Smart investments in industry-standard software and dedicated hardware will solve computing power challenges, avoid upgrade problems, and make audits easier. This webinar will help executives learn how to automate actuarial processes by:
- Understanding current economic and business drivers that influence risk management processes
- Reviewing the global IT spend forecast for actuarial technology
- Showing what defines best-in-class actuarial technology