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Actuarial Actuarial
Insurance

Actuarial

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.

 

A leading insurer improves operational efficiencies and accuracy of actuarial reporting

Case:
WNS assisted the client in achieving its objectives through the integration of reporting platforms, streamlining assumptions (IFRS, RBS, Solvency II, MCEV), integration of legacy data platforms and the automation of results & manuals.

A U.K.-based insurer develops an actuarial diagnostic tool to facilitate claims reserving judgments

Case:
The WNS Actuarial team helped build a highly technical, analytical, decision-making, user-friendly tool, with graphical representations that helped facilitate the actuarial judgments for claims analysis.

A leading US insurance major developed a platform to automate actuarial support processes

Case:
The WNS Actuarial team, working alongside the Technology Support function, developed a platform to automate and streamline the client’s actuarial support processes, facilitating actuarial data centralization in a controllable and reusable database.

 
 

The WNS Advantage

  • Largest Actuarial Practice in the BPM Industry WNS has developed a highly skilled, 250+ member actuarial team with significant experience of delivering core actuarial processes on a regular basis for multiple clients. The team has become an integral and vital part of the Actuarial function for many clients and has helped clients address the ever-increasing resourcing and capability challenges in this area. We work with many insurers across the globe and have in-depth experience across the entire value chain.
  • Rich Domain Experience
    The WNS Actuarial team possesses the experience and deep expertise for delivering superior outcomes spanning a wide spectrum of actuarial tasks, including pricing, reserving, Solvency II and capital management, asset liability modeling, valuations / projections, asset management and experience studies, among others.
  • A Differentiated Practice
    WNS acts as a true extension of our client's business.
  • Great Depth of Offerings in the Insurance Domain
    • We have built a large pool of actuarial resources, and constantly endeavor to provide more value-added services to the insurance and re-insurance organizations globally
    • We deliver actuarial services and end-to-end solutions across the entire spectrum of actuarial functional towers
    • We supplement our actuarial resources with analytics, technology, black belt, quality and business analyst resources to automate and / or re-design actuarial processes
  • Actuarial Center of Excellence
    • We have invested heavily in developing an actuarial practice across Chennai and Gurgaon, equipping it with the necessary scale and capability. Recently, Pune has also been developed as an additional delivery center
    • We will continue to make significant investments in technology and resources to further strengthen our actuarial practice
    • Our actuarial resources work jointly with our Insurance Analytics and Technology teams in key domains such as big data analytics, predictive modeling, MI and reporting, process transformation, etc.
  • Understanding Geographical and Regulatory Environments
    • We operate in North America, the UK / Europe and Australia regions
    • We have a strong understanding of both the geographical and the regulatory landscapes – we support various regulatory requirements across the globe, especially the Solvency II programs for our clients
  • Innovative Engagement Model
    • We operate in North America, the UK / Europe and Australia regions
    • Our ‘team extension’ engagement model, coupled with our actuarial work control cycle, creates a suitable environment to help augment and perform actuarial tasks offshore