We have helped our clients with a number of varied consulting projects, ranging across the areas of our Technical Expertise. We pride ourselves on our attention to detail, and commitment to providing the best possible value for our clients.
Here are some examples of recent consulting projects we have undertaken:
Claims Modelling in R
Insight worked with an InsurTech client to model all of their claims activity stochastically in the R statistical environment. It took the form of frequency and severity modelling, allowing for different claim types, and different event and item combinations. This helped our client understand their claims profile and make the correct business decisions on how to protect their balance sheet.
Maritime Data Usage
We helped a maritime data provider to demonstrate the effectiveness of their proprietary data and risk indices for marine insurance. Our client was the data provider and we worked with various insurers to establish the power of the new data source.
Capital Model Validation
We validated a client’s capital model against a validation framework that we designed and implemented. The validation exercise was highly effective in establishing the key judgements used in the model, and the risks of the business. Our recommended remediations were implemented and were deemed to add significant value to the business.
Technical Provisions in R
Insight consultants improved a manual technical provisions process that used to take the client several days to execute. We rebuilt a streamlined process using R which ran in minutes, which was hugely more efficient than the existing process; this freed up client time for more productive work.
We have developed pricing analytics and management information to fully exploit pricing data. These frameworks brought meaningful data to the client’s underwriting team so that they were best placed to bring their expertise to bear. An example of an interactive MI exhibit (with fictional data) can be found here.