Insurers to accelerate automation in reserving – WTW

Insurers in both the life and property and casualty markets plan to accelerate their use of automation in their actuarial and reserving processes over the next five years, according to research from Willis Towers Watson.

Detailing findings from its Actuarial Reporting Automation survey, WTF said that P&C insurers currently used no or some automation in reserving. Engagement with senior management was highlighted as their least automated core area of the current reserving process, while data processes were the most automated function.

Max Drannikov, global product leader, business process excellence, WTW, said insurers wanted to, “achieve greater efficiency and efficacy, enabling more granular analysis and more frequent and timelier insights from their data.”

He said many of the challenges insurers faced came from their reliance on multiple data sources and the need to co-ordinate multiple internal and external teams. He claimed they could combat this by automating data processes.

Drannikov added: “To achieve their objectives, the first step for insurers is to leverage automation to create the time and space necessary to invest in and achieve their ambitions.”

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