Description: External pressure on insurers is higher than ever, as new requirements take effect under PBR, GAAP targeted improvements, and IFRS 17. Financial reporting requirements are only becoming more complex and run time-intensive. Insurers are under pressure to meet these new requirements while maintaining effective governance and controls, which places strain on model infrastructure. More than ever before, insurers will benefit from a strong model architecture that supports efficient model updates, increases automation, integrates strong controls and shifts actuarial time from model runs to analytics and insight. Most of this session on model architecture will be devoted to an interactive case study discussion, with an introduction to cover the definition and principles of model architecture and a recap to summarize lessons learned from group discussion. There will be a case study for each area of model architecture: Inputs Calculation engine design Outputs and analytics Quarterly reporting process Model development cycle Each case study will include common pitfalls and best practices for the group to discuss. Attendees will also be encouraged to share observations of architecture within their organizations to give the group a sense for the current range of practice in the industry.

Description: The session will feature case study discussion of how insurers can improve their model architecture and data visualization to prepare for the increasing demands of the future. Actuarial data and analysis has long been limited by the complexity and diversity of historical systems. External pressure on insurers is higher than ever before, as new requirements take effect under PBR, GAAP Targeted Improvements, and IFRS17.