11/01/2021 by Graeme Charters
Use Case 2: Developing Actuarial Talent In-House
For smaller insurers, full outsourcing of actuarial services isn't always the best option. We also work with clients to build capacity and develop their own actuarial talent in-house.
Sylvia is the FD at a small non-life MGA.
Working in an SME, she is forced to keep many plates spinning, one of which is the actuarial function. She doesn’t necessarily feel lost when it comes to her actuarial responsibilities; she’s just not as ‘found’ as she’d like to be.
Budget constraints have typically meant outsourcing is out of the question. As a result, Sylvia finds she’s spending so long on the actuarial calculations themselves that she isn’t able to dedicate the time she’d like to the more strategic thinking and reporting that she has to present to the board.
Here's how City Actuaries can help smaller insurers manage their actuarial requirements more effectively:
By outsourcing some of her lower-level work to, for example, experienced actuaries who have chosen not to pursue official qualifications, Sylvia would have more time to dedicate to the board-level insights that would really make a difference to the business.
A partnership with City Actuaries would allow Sylvia to call on a variety of approaches when needed:
DIFM (do it for me) = outsourcing lower-level calculation/valuation work
DIWM (do it with me) = serving as a trusted adviser and providing assurance and authority at board level
DIY (do it yourself) = enabling professional development and building actuarial capacity in-house.
By working in tandem with a City Actuaries consultant, Sylvia will develop her own actuarial knowledge, boosting in-house capacity and reducing costs over the longer term.
Find out how can we help you build actuarial capacity in your business. Contact us today.