Enterprise Risk Management Technology Guide 2021 :: Actuarial Technology Solutions

EY - Actuarial Technology Solutions

Type of System

  • Analytics
  • Asset/liability management
  • IFRS 17 solution
  • LDTI solution
  • Portfolio analysis/hedging
  • Solvency II solution
  • Spreadsheet risk management

Type of platform

  • Desktop-based
  • Server-based
  • Web-based

Other features - does your offering facilitate

  • Solvency II internal model
  • Solvency II standard formula

What are the typical implementation costs?

A typical project with us will involve:

  • Interactive engagement and workshops to understand client problem statements and needs. We then identify the possible solutions available to address the problem; this can be:
    • Improve existing process and tooling.
    • Scan the market and take an independent view on vendor solutions that suit the requirements.
    • Identify and design a bespoke solution.
  • Where required, we build proof of concepts to validate the proposed solution.
  • We work in an agile fashion to iteratively deliver a product that meets the client’s evolving requirements.
  • Throughout this process, we leverage our broad EY network, to bring a range of skills and expertise from different competencies, to form a combined team for diagnosing and designing solutions across the end-to-end Finance and Actuarial functions.

Considering the above, the implementation costs vary by project. However, we do offer attractive rates by using offshore resources, and we provide a proof of concept service that helps clients with their budgeting decisions.

How long does your software take to implement on site?

A proof of concept can be built within weeks. Production-ready solutions may take longer to implement.

Please name companies that use the system/solution

Our actuarial technology enabled transformation team has supported numerous clients over the last few years with technology solutions to support their finance transformation agendas. These have ranged from IFRS17 design and implementations, definition and implementation of Risk and Finance Target Operating Models, as well as designing, developing and deploying a broad range of solutions to address the everyday challenges that actuarial and finance functions are facing. Through these activities we have enabled clients to expedite their processes, strengthen their control framework and improve stakeholder engagement.

As part of this we have supported our clients in developing bespoke solutions for calculating and optimising their Matching Adjustment, tooling to support Investment Execution teams understand the SII and IFRS financial impacts of their prospective trading activity, building dashboards enabling risk teams to understand their market risk exposures and liquidity position, and tooling to help teams monitor and perform what-if scenarios on their solvency position.

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Can EY’s Technology Led Transformation team help you redesign and address your actuarial function?

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