Oliver Wyman Fulcrum Sets New Standard in Solving Business Challenges for Life Insurers

New York – Oliver Wyman today announced it has extended its solution offering under Fulcrum to encompass an expanded suite of solutions that helps life insurers solve their most pressing and complex infrastructure challenges. 

Initially launched in 2019, Oliver Wyman Fulcrum now supports various areas of insurance with a focus on data management, policy administration, new product development, platform migrations, portfolio compression, hedging, and financial reporting. 

Extensible by design and created by content experts and technologists, Oliver Wyman Fulcrum provides the necessary tooling and intelligence to get organizations unstuck.  Among its capabilities, Fulcrum is being used for migrations by insurers and TPAs and is seen as the industry’s leading accelerator for migrating from legacy Policy Admin Systems.

“Clients of our Fulcrum solution have been amazed by the rapid impact on their businesses,” said Alexander Lyall, partner at Oliver Wyman and Head of Fulcrum.  “For example, the primary value of Fulcrum’s migration capability is that it recreates legacy product and processing logic without a need to access legacy source code or screens.”

Key assets that can be leveraged directly to clients include:

• Data Transformation:  Accelerates development of standardized data layers (SDL), across Policy Admin Systems to support analytics, visualization and servicing 
• In-force Compliance:  Ensures in-force compliance at the policy level by validating prospectus/contract logic against Policy Admin System calculations
• Migration:  Accelerates and de-risks migrations by providing product and data transparency for legacy policy administration systems; eliminates need for investigating legacy code
• New Product Testing:  Increases efficiency and effectiveness of new product testing process, supported by intelligent test case design & automated quarterly validations
• Compression:  Compresses seriatim liabilities into a smaller representative set with virtually no distortion of model results, reducing runtimes across most products
• Hedging:  Supports hedging, financial reporting, etc. for variable and index annuities in a high performance, automated modeling environment
• Financial Reporting:  On-premise or SAAS service offering to process statutory, regulatory and IFRS financial reporting models and workflows. Offers quick turn-around times and frees up high-cost resources
• Market Intelligence Service Bureau:  Helps pricing teams perform analysis of leading VA / FIA products using a subscription market intelligence platform

To learn more about Oliver Wyman Fulcrum, please contact: Alexander Lyall (alexander.lyall@oliverwyman.com), Justin Kahn (justin.kahn@oliverwyman.com), or Chris Stiefeling (chris.stiefeling@oliverwyman.com).

About Oliver Wyman

Oliver Wyman is a global leader in management consulting. With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.