Insurance companies are grappling to fulfill the expanded scope of actuarial responsibilities in an industry that’s facing critical shortage of actuarial talent. High cost of acquisition of additional actuarial resources (in this knowledge-intensive profession) is adding on to this burgeoning pressure. Increasingly stringent regulatory compliance requirements have driven actuarial functions to take responsibility for additional tasks, including risk-based capital management, financial and statutory reporting. Hence, the task of formulating a budget to acquire and retain such resources for the long term is emerging as one of the biggest concerns for insurers.
WNS’ Actuarial Services team seamlessly collaborates with clients’ staff actuaries across life & annuities and property & casualty insurance businesses, offering a range of actuarial services. Data preparation and database management, financial and actuarial model-building, maintenance, validation and testing, actuarial production support, transformation projects are some of the services we offer. In addition to actuarial support services, we are also enabling automation of various processes within our clients’ actuarial function, bringing greater insights through in-depth technical analyses, and standardizing processes to improve efficiency and eliminate inconsistencies. This helps in-house actuarial resources focus on more complex actuarial tasks that involve developing and validating strategies for superior decision-making. Our services enable insurers to expand the scope for their actuarial calendar by staffing a full team of budgeted actuaries at an affordable cost, leading to a lower attrition rate and higher job satisfaction.