2017年-德勤全球_Actuarial_2020_16页_697kb

Actuarial 20/20 Summary

Core Content

The Actuarial 20/20 report outlines a vision for transforming the actuarial function from a traditional, compliance-focused role to a strategic, value-driven partner within the organization. It emphasizes the need for actuarial teams to evolve their operating models, adopt new technologies, and develop both technical and strategic capabilities to support business decision-making and long-term growth.

Main Views

1. Vision for Tomorrow's Actuarial Function

• The actuarial function should move beyond siloed, non-strategic tasks to become a strategic advisor.
• Actuaries should be empowered to address 'what-if' questions and provide proactive, business-oriented insights.
• The goal is to have actuaries fully integrated into the business and involved in strategic discussions at the executive level.

2. Four Faces of the Future Actuary

The report identifies four key roles that the future actuary should embody:

• Catalyst: Drives organizational behavior change and fosters a culture of risk and business intelligence.
• Steward: Ensures the integrity and accuracy of financial frameworks and reports for internal and external stakeholders.
• Strategist: Provides leadership in shaping the company’s strategic direction and supports decision-making for future performance.
• Operator: Efficiently manages core actuarial responsibilities, balancing talent, cost, and service levels.

3. Strategic Transformation Goals

• Create strategic value for the organization.
• Ensure the function is agile and scalable to handle evolving risks and regulatory environments.
• Promote collaboration across departments and functions.
• Develop new capabilities and define them by role.
• Leverage enterprise analytical architecture and data analytics for strategic insights.

Key Information

1. Operating Model Transformation

• The future actuarial operating model must be holistic, considering organization, people, systems, tools, processes, and governance.
• An iterative design process is recommended to ensure long-term sustainability and integration.
• Services should be rationalized where necessary to optimize efficiency and resource use.

2. Delivery Models

The report suggests evaluating different delivery models based on the nature of tasks and organizational needs:

3. Talent Development

• Actuaries should be developed as strategic leaders, not just technical experts.
• A talent development framework should:
  • Clarify expectations at different leadership levels.
  • Support succession planning and career mobility.
  • Identify high-potential individuals.
  • Improve diversity in the talent pipeline.
  • Distinguish between performance and potential.
  • Encourage self-assessment and learning curricula for leadership development.

4. Case Studies

• A life insurer improved its valuation process by implementing a single vendor-based system and automated end-to-end processes, resulting in more reliable and timely results with enhanced analysis capabilities.
• A multi-national insurance company moved data readiness and production tasks to an offshore shared service center, achieving cost savings and extended working hours through time zone differences.

Strategic Leadership and Future-Proofing

• The report advocates for the development of 'purple people'—actuaries with both business and technical skills.
• To future-proof the actuarial organization, the following actions are recommended:
  • Encourage actuaries to rotate into non-traditional roles to build business acumen.
  • Foster collaboration with finance, technology, and internal audit functions.
  • Invest in automated data manipulation, updated systems architecture, and data visualization tools.
  • Enable actuaries to focus on methodology, assumptions, and interpretation rather than data extraction and production.

Key Takeaways

• The actuarial function must evolve to become a strategic business partner.
• A holistic and iterative approach is essential in designing the future operating model.
• Talent development is critical to cultivating strategic leadership and ensuring long-term success.
• Technology and automation will play a central role in enabling this transformation.
• The right balance between centralization and decentralization is needed for each process and function.

Conclusion

The Actuarial 20/20 report calls for a comprehensive transformation of the actuarial function. By rethinking roles, responsibilities, and delivery models, and by investing in technology, talent, and collaboration, actuaries can shift from being compliance officers to strategic advisors. This transformation will not only enhance the value of the actuarial function but also position actuaries as key contributors to the organization’s strategic direction and competitive advantage.