- Business Process Transformation
Digital Transformation Case - International Underwriter
An international underwriter specializing in insurance and reinsurance in the property and casualty market.
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:
Our property and casualty actuarial services provide:
As a result of Sutherland’s solution, the client’s business has become more dynamic, with the ability to capitalize on changes in the market.
As a result of Sutherland’s solution, the client’s business has become more dynamic, with the ability to capitalize on changes in the market. Our solution enabled the client to improve accuracy of pricing, improve visibility to the exposure of risk, and stabilize actuarial processes, all while achieving the following: