Our client had an increased risk of pricing their insurance products at incorrect levels due to market changes. As a result, they were undercharging premiums and/or writing risks which were outside their product specifc risk parameters, potentially impacting overall proftability.
Sutherland developed an actuarial support service in which our in-house actuaries augment our client’s teams, reporting directly into the client’s lead actuaries. The augmented staff hours overlapped completely with our client’s operating hours to ensure seamless communication. This also provided the ability to leverage multiple time zones to perform risk analyses and other actuarial duties so reports are available when the lead actuaries begin their workday. Our actuaries participate in our company sponsored, best in class, vintage-based actuarial study program. Sutherland sponsors their participation in industry conferences and seminars and knowledge sharing is 10% of everyone’s annual goal to ensure the continuous development of our practice. As part of our analytics practice, our actuaries also participate in training sessions in quantitative methods, techniques, and software.
Backed by Sutherland’s full analytics practice, Sutherland has augmented the client’s team with in-house actuarial talent who meet the following criteria:
- Students and/or qualified members of The Institute of Actuaries of India and UK
- Trained in industry-leading technologies including ResQ, VIPiTech, Emblem, Reserve Pro, RPEE, and SAS
- Experienced in the property & casualty (P&C) actuarial market
- Our property and casualty actuarial services provide:
- Data and information management
- Pricing and product design
- Reinsurance pricing and analysis