InsuranceERM Annual Awards 2024 - UK & Europe

Supercharge how you do reserving

Shil Patel-Rae, UK managing director at Dynamo Analytics, explains how the firm's modelling and technology platform, Psicle, can transform how insurance reserving teams and processes operate. He also discusses new initiatives in the pipeline to benefit insurers

What is Dynamo's philosophy behind modelling in Psicle?

Getting from A to B as fast and efficiently as we can underpins every model we design. For reserving, the desired result is a rapid, automated and highly governed "diagnostic-led" process. One that minimises human interaction through being increasingly algorithmic and maximises the capacity of reserving teams to apply actuarial judgement and engage their stakeholders.

Shil Patel-RaeUsing Psicle redefines what it means to be an actuary and transforms the way teams operate.

The actuary's role in an organisation is widening and this trend is mirrored by our teams – our actuarial consulting team is complemented by our data engineers and software developers, many who have an actuarial science foundation. What we're building allows actuaries to be prepared for – and inspired to be a part of – an increasingly technology-enabled world.

How does Psicle respond to the evolving expectations of reserving teams and how does technology influence Dynamo's approach?

We see insurers prioritising how they can get to credible answers at the click of a button.

We look at how our Psicle technology will supercharge the way actuaries get from A to B with new algorithms and bigger data, pushing the boundaries of what is possible. Our current R&D efforts include the application of modern algorithms, embedding machine learning and AI into the Psicle process.

We also think a lot about how best to combine human judgement with artificially produced judgement to produce results that are explainable.

Insurers' expectations of their modelling software will continue to rise in response to evolving regulation and technology advancements, alongside the growing talent pool of actuarial developers. This leads to demand for platforms like Psicle, which has a flexible calculation engine that our clients can customise alongside powerful out-the-box modules that we develop continuously.

What initiatives and developments do you have planned and how will these enhance your offering to insurers?

We're always looking at ways to improve and enhance the experience of our Psicle community, and this includes asking users to contribute to our ambitious development roadmap so that Psicle can stay ahead of evolving industry needs.

We are launching Psicle Web this year, offering a revolution in how actuarial teams collaborate and share modelling insights and results around the business.

We are also soon to launch our holistic, end-to-end reserving template – offering out-of-the-box reserving process automation.

Our annual Psicle Soiree event in London and regular Psicle Society evenings are hugely interactive where we share learnings from our consulting projects, showcase upcoming software features and welcome ideas and feedback from both current and prospective clients.

What are your ambitions for Dynamo this year? Will you seek to expand to new markets?

Psicle is a product of both our people and our clients. Two of our core values are #clientlove and #employeelove and we strive to be the best employer to develop your career as a Dynamite, and company to partner with as a client. This will always remain a central ambition, and if we do these well, we'll continue to build great technology that makes an impact.

We'll be increasing the accessibility of Psicle in new global markets, particularly with the introduction of Psicle Web.

Psicle is established in the non-life insurance market for requirements led by reserving, Solvency II and IFRS 17, and we also work with international life insurers. I am particularly excited to see our diagnostic-led principles apply to pricing, capital and business planning, and to grow our presence in the US.

We're hugely honoured to receive the InsuranceERM Reserving Solution of the Year award for the third time. We look forward to helping more insurers make transformation a realistic and appealing near-term proposition!