In the actuarial world, process inefficiencies, increased business complexity, regulatory demands and data volume are leaving little time for crucial analysis, driving a growing trend toward automation, according to a roundtable hosted by The Insurance and Actuarial Advisory Services (IAAS) practice of Ernst & Young LLP, (E&Y) New York.
Held in December 2007, E&Y’s fourth annual Actuarial Transformation Roundtable focused on business intelligence strategies for actuaries coping with new challenges surrounding financial reporting, planning, forecasting and risk management.
Unlike the 2006 event, which focused on business and IT alignment, at the 2007 event, senior actuaries and IT executives from insurance organizations shared their thoughts about enhancing methodologies through use of technology. 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.
There was broad agreement among participants at the Roundtable that management expects more transparency and accuracy in a post-Sarbanes-Oxley world. Acknowledging that the goals are clear, they also agreed that current processes and systems do not offer the necessary support to achieve these objectives
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