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New products, requirements and regulations are disrupting the insurance industry. Can your actuarial systems and models respond?
Increasingly complex products, reserving methodologies and capital requirements are disrupting the industry. Insurers need to develop and maintain sophisticated actuarial models to keep up with emerging regulation changes, such as IFRS 9 & 17, VM-20, targeted US GAAP improvements, and International Capital Standards.
KPMG’s AXIS team draws upon leading practices developed through our hands-on knowledge of the AXIS actuarial software to build customized sustainable solutions and re-engineer existing systems and models in response to the rapidly changing dynamics of the industry. Our actuaries—who are highly experienced in complex products, reserving methodologies, capital requirements, asset and liability management, appraisals, MCEV/EEV calculations, stress-testing, financial planning/budgeting, and pricing/product development—can help you:
- Organize and manage the implementation of AXIS model solutions, design and execute testing procedures, and validate the system’s coding and calculations.
- Effectively leverage AXIS functionalities and increase overall model confidence, improve the modeling process, decrease model run-times, and meet reporting requirements.
- Assess model risks and controls to build model governance programs that encompass all models for compliance with financial reporting, risk management and regulatory frameworks.
- Perform model validation activities that incorporate our deep understanding of AXIS.
- Develop model documentation to meet internal and external requirements (auditors and regulators) to preserve institutional knowledge and modeling decisions.
- Develop a targeting operating model to meet your company’s needs based on a detailed analysis of your people, process, data, technology and analytics.
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KPMG's insurance professionals provide services to help insurers respond to disruption.