About this report
The rise of the digital economy has led to greater market transparency and –in the insurance industry– has coincided with the rise of new online insurance aggregators. Market participants note that this shift has led to a permanent state of price comparison in the insurance market. Data management, dynamic pricing, reserving, and regulatory reporting are highly complex processes, and actuaries need solutions for these to run more seamlessly. The only way for insurance businesses to thrive and maintain a competitive advantage over their peers is to adapt and adopt the transformation quickly to better serve and maintain their clients.
This is where actuarial transformation enters, a fundamental change to the operating model of the actuarial world. This survey report (conducted by SAS and Risk.net) reveals the perceptions that actuaries have towards actuarial transformation including IFRS 17 considerations. and its potential to offer fundamental change to operating models.
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