RNA Analytics: Equipping insurers with tools for regulatory change
What regulatory and compliance issues are top of mind for insurers?
The past few years have seen more change in this arena than many finance and accounting teams will have seen in their careers to date, and it shows no sign of slowing just yet. These sweeping changes have really focused minds – both for insurers and for software and solutions providers.
RNA Analytics has made significant investments in our IFRS 17 and Insurance Capital Standard (ICS) reporting solutions, as well as our K-ICS and J-ICS packages.
We are proud to be building a leading market position with these innovations, which provide customers with end-to-end solutions to the changes in the new solvency regulations being implemented in Korea this year, and in Japan in 2025. LDTI is another area of focus, demanding a far greater integration of finance and actuarial teams’ processes and systems; and introducing additional complexity in reporting.
Do you expect artificial intelligence (AI) to transform actuarial risk modelling?
Just as it will for many industries and roles, AI will affect actuaries and modelling – in both positive and negative ways.
Whilst this won't happen overnight, there are a number of questions we should be asking ourselves now about what we want from AI, and how we can make the most of the opportunities, whilst at the same time managing the risks.
Will AI transform actuarial risk modelling? All technology has the power to transform – we just have to make sure that we have the necessary conversations about what needs transforming – as well as exploring how it can be done in a way that is meaningful, and at the same time, ethical.
How has RNA Analytics developed its actuarial and risk management solutions over the past year?
RNA Analytics provides more than software alone. What we offer is a suite of comprehensive solutions to the raft of new and complex challenges faced by insurers today.
The result is a series of platforms that can be truly transformational; solutions that not only solve age-old problems like time-consuming manual processes, but can also address new regulatory requirements, open doors to new product insight, have the ability to flex to address future growth, and – naturally – are accessible via the cloud by the entire hybrid workforce.
What insurance software innovations can we expect from RNA Analytics in the next year?
Through many years' experience working with insurers on the range of regulatory requirements they face across the globe, our specialist teams have developed a full suite of custom solutions to specific reporting challenges.
The common threads in this recent evolution of regulatory reporting are complexity, and the need for faster and more accurate reporting data that suits the specific requirements of the accounting and finance departments, as well as actuarial teams.
Our solutions leverage big data to produce powerful reporting capabilities through customisable dashboards. Coupled with improvements in automation and integration, we offer a comprehensive, end-to-end reporting framework.
We are privileged to have worked with over 140 clients across more than 50 countries in the past 22 years – and are always looking for ways to improve outcomes for our clients, and to use our learning to keep refining, and moving with the market.
Regulation has driven so much change, and it is regulation that will drive our focus forward. We are in a unique position to be able to address the pain points that insurers are experiencing across IFRS 17, ICS, as well as C-ROSS, and will continue to be driven forward in the coming year. We are also progressing our dynamic ALM and nested stochastic offerings, whilst updating our non-life reserving and pricing solutions.
