Many Clients do not have regular or easy access to in-house (or external) actuarial resources. As a result, they often have limited control and visibility of their portfolios. This means that they become reliant on usually twice yearly Actuarial Product Performance Reviews to highlight opportunities for growth or to reduce risk exposure in poorly performing lines of business.
(Actuarial Product Performance) GenieAPP enables time consuming and inefficient process to be fully automated. As such it provides more control and visibility over portfolios / risks for underwriters who currently have limited access to real time actuarial analytics, given their reliance on twice yearly reports. Equally, actuaries can use GenieAPP to review and evaluate the risks that Underwriters are working with on a fast-moving, day to day basis.
GenieAPP acts as a ‘virtual actuary’, allowing both underwriters and actuaries to obtain real time predictive analytics about actuarial product performance including Ultimate Loss Ratio data together with dashboard data visualisations.
The next three slides provide an illustration of GenieAPP’s functionality and benefits.
The benefits that GenieAPP delivers are realistic, tangible and include:
Automates Reserving Calculations and IFRS17 Enabler supports the determination of Ultimate Loss Ratios. Helps optimise your Pricing Strategy and Pricing Decisions based on a detailed analysis of your data.
Provides business insights through Actuarial Data Visualisations. Using your claims and policy data, and even external data sources, delivers business insights into portfolio, product, peril and segment level performance
Analyses policy and claims data in real time to help determine Sustainability. This enables actuarially-rich communication to take place with carriers in support of you achieving profitability growth. It also helps de-risk portfolios and achieve the mutual objectives set out in Insurer Terms of Business.
Enables better communication internally between actuaries, underwriters, portfolio managers and the exec team. GenieAPP can help demystify complex actuarial processes and calculations, enabling non-technical specialists to engage with actuaries on a more productive level.
Supports your business as you scale without an attendant increase in actuarial headcount. Further support for Sarbanes-Oxley and Solvency II compliant processes, with tighter data security, audit logs
Reduced cost of creating Actuarial Product Performance Reports to TAS 100 standard
GenieAPP is a highly targeted application with the key beneficiaries being as follows:
Types of Organisation
Brokers with delegated underwriting authority
Managing General Agents
Insurers
Reinsurers
Syndicates
Expert Advisory Panel (EAP)
The expert panel consists of senior underwriters and actuaries drawn from market participants such as a composite insurer, a London market Insurer, syndicates and Managing General Agents. From the point at which the product was being conceptualised to the operational version we have today, they have provided us with expert and valuable feedback at every step. This has enabled us to build the functionality of the product to support the real needs of the market it services.
The panel has also provided real-world guidance as to both the financial and non-quantitative benefits that our clients can realistically expect to achieve.