The Insurance and Actuarial Advisory Services (IAAS) practice of Ernst & Young LLP today announced highlights from its fourth Actuarial Transformation Roundtable which focused on business intelligence (B.I.) strategies for actuaries coping with new challenges surrounding financial reporting, planning, forecasting and risk management. Participants, including senior actuaries and IT executives from leading insurance organizations, shared attitudes and progress with respect to enhancing current methodologies through the use of technology.
The roundtable revealed that process inefficiencies, increasing business complexity, regulatory demands and data volume are leaving little time for crucial analysis, driving a growing trend towards automation. In fact, a survey conducted at the event revealed that three-quarters (75%) of actuarial participants spend 20% or less of their time on validation, reporting, analysis and explanation of results.
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