Finance Actuarial
- A specialist UK insurer of Defined Benefit Pension Funds
- Providing industry specific guidance on approach and toolsets selection, requirements gathering, data discovery, interim and strategic solution design, data modelling, build, test and delivery
- Provision of Industry SME, Technical Lead, L&P Business and Data Analysts, Oracle DB and ETL developer, COGNOS BI developer, Test Management and Test Analyst
PROJECT OBJECTIVE
- To improve the quality, timeliness, completeness and automation of Scheme Policy and Reinsurance data extracts
- To assess and make strategic recommendations on the approach to transforming the end-to-end process of delivering valuation data to Finance Actuarial; from Operational processes through to Model Point File production To realise immediate benefits within the upcoming
- To realise immediate benefits within the upcoming valuation period
BUSINESS DATA PARTNERS’S SOLUTION
- An initial set of workshops to capture the key deliverables, high-level requirements and existing challenges
- Prioritisation of deliverables required for the upcoming valuation period, advancing towards a strategic position while keeping key design decisions open until detailed requirements gathering is undertaken
- Iterative delivery of a transitional solution using incumbent toolsets to meet immediate objectives while minimising cost
- Utilising the transitional solution as a vehicle to drive data discovery, refinement of immediate Actuarial requirements and prove key concepts of standardisation and migration of data held within operations to a single database structure containing both policy and reinsurance data, facilitating the production of Model Point Files
- Parallel workshops , low level requirements gathering and root cause analysis activity to capture a full set of strategic requirements across the business identified as necessary to support the delivery of high quality policy and reinsurance data to Finance and Actuarial; Encompassing new business transitions, pricing, shadow scheme and reinsurance administration, longevity risk management, marketing, finance interfacing and crucially Actuarial valuation extracts, overlays, adjustments and model point file production
- Production of strategic options, assessment of incumbent toolsets to required toolset capabilities by option and associated build estimates.
- The transitional delivery was completed in November 2016 and B&D are continuing to support the strategic delivery
BENEFITS
- Up-to-date data available to support the accurate assessment of the organisations 2016 solvency position
- Additional reserves released as a result of the updated solvency position
- Significant progress made toward the organisations Audit Committee strategic objectives
- Significant reduction in manual intervention necessary during the 2016 valuation
- Costs associated with transitional delivery kept to a minimum
- The transitional solution has provided (for ‘in scope schemes’):
- A fallback position for the 2017 valuation
- A fully QAd test harness for the 2017 strategic solution
- A migration path for the 2017 strategic solution
- Conformity and standardisation of data across schemes and their associated benefits
- A clear view of the 2017 strategic options available and the development cost associated with them
TECHNOLOGY & SKILLS
- Oracle Database and ETL development
- COGNOS BI Metadata Modelling and Reporting
- Data Modelling
- Project Management
- Process and Technical Business Analysis
QA and Testing
