The use of R in insurance is not new, but a combination of technological advances and the current operating environment mean that demand for R is increasing. In this blog post, Mark Lee and Buu Truong discuss the use of R in actuarial processes.
As we welcome in a new year, we reflect on the trends that influenced our work in 2017 and consider how advances in technology and impending changes to rules and regulations will provide opportunities for actuaries in 2018.
Insight has worked with clients on risk parameter calibration exercises, including one-year emergence factors. Insight’s technical expertise in this area demonstrates progressive thinking and deep knowledge of the challenges in this field. Risk calibration is at the heart of internal model approval and Insight helps clients justify and defend assumptions to internal and external stakeholders.
Insight has supported numerous clients in calculating technical provisions or aspects of the technical provisions such as risk margin. Further related activities that Insight consultants have assisted with include producing IFRS reserve figures and Solvency II balance sheets.
Insight consultants have conducted reserving work across many lines of business as part of a management function and as an independent third party. Reserving forms the basis of much actuarial work and our consultants understand the importance of robust reserves calculated with efficient processes and well governed judgements.