Discover digital-driven solutions for sustainable success
- Manual portfolio management
- Traditional models (classic)
- Long time-to-market
- High costs
- Automated portfolio management and decision- making
- Innovative models
- Accelerated time-to- market
- Low costs
Our Approach to Actuarial Transformation
We align our clients with the ongoing dynamic developments and digital innovations by diversifying and enhancing their offerings and ecosystems. We customize our actuarial strategy to meet the unique requirements and goals of your organization so that actuaries and actuarial functions can undergo transformation. For better output and greater customer experiences, our process typically involves the following steps:
Research and Discovery
We conduct a comprehensive assessment of your current portfolio of products, processes, profitability and metrics to define objectives for the actuarial transformation, aligning them with the organization's overall strategy and identifying limitations. The goals may include improving accuracy, efficiency, risk management, regulatory compliance, or leveraging new technologies.
Active Portfolio Management
Based on the assessment findings, we develop a customized solution design that serves as the transformation roadmap outlining special strategies, technologies, and talent required to achieve your goals and eliminate inefficiencies. We streamline data usage to identify areas where automation or standardization can be applied and implement best practices with agile methodologies to improve speed, accuracy, collaboration and consistency of calculations. This boosts process speed and reduces the time-to-market.
Automation and Process Upgradation
We deploy automation via dashboards and conduct performance management for periodic reviews and adjustments to update actuarial models by resetting the actuarial baseline, facilitating significant acceleration in incremental continuous improvement. We leverage functions like reserving, pricing, modeling, finance integration and risk management to lead innovation.
Advanced Deployment and Value Alignment
We develop a detailed implementation plan with clear milestones, responsibilities, and timelines. At this stage, we engage the stakeholders across the organization and implement the transformation initiatives. Our team works closely with your organization to implement the identified solutions, leveraging our expertise and guiding your team through the transformation process. We provide training, guidance, and end-to-end support to ensure a smooth transition and adoption of the new processes and technologies.
Monitoring and Optimization
We continuously monitor the implemented changes, measure their impact, and provide ongoing support to optimize performance, address challenges, and ensure long-term success.
NLB InsurTech offers end to end rating modernization services leveraging powerful AI tools to ensure better ROI on your every insurance product and offering. We go beyond the mandate of a standard Rating as A Service(RAAS) partner to offer:
Seamless Rating Modernization Services
AI Powered Transformation
Model development, implementation and maintenance
Training & advisory
Leave all your customer verification, documentation and recordkeeping worries to us. We have a proven track record of managing large scale customer databases for organizations across the globe. Our cutting edge OCR data extraction technology helps us efficiently validate customer information.
Reduced Model Update TAT
Omni Channel Support
MLOps and Automation
Why Enact for Your Insurance Operations?
Reduced Costs with Right Shoring