Along with the turbulent stock market and threats of terrorism, the Sarbanes-Oxley Act of 2002 is putting heightened pressure on insurance executives for improved management information."The broader use of stochastic models by senior management is essential in today's uncertain environment," says Jack Gibson, North American life insurance and financial services practice leader at Tillinghast - Towers Perrin, the New York-based actuarial and management consulting firm.
"By their nature, insurance companies have uncertainty about their future," he says. "And stochastic modeling enables them to better understand what their most significant risks are, what might cause their earnings to fluctuate, or what might cause value to erode-not on a product by product basis, but across the entire company."
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