Insurers are undertaking actuarial transformation, as they move from manual processes to IT-led production systems to modernise and standardise modelling platforms as well as manage risk data.  According to CEB TowerGroup Insurance, this approach will lower the operational risks of insurers as regulation tightens. However, a report by the research house reveals that many insurance firms are still struggling to meet both quantitative and qualitative requirements set in Solvency II. 76 per cent of companies say they have only partially met or have yet to meet any requirements thus far. Automation of many risk management activities, particularly reporting, remains relatively low and only 20 per cent of companies have determined their risk management system is effective through a formal assessment. In addition, 83 per cent of companies either don’t have or only have a partial internal model for solvency-related risk assessment, and are still manually reporting and calculating key risk management metrics.

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