Oliver Wyman Actuaries partnered with Prudential on Tuesday, March 26, 2019 to hold our first Actuarial Risk Symposium in New York City. Executives from 12 insurance and financial services firms joined together in this interactive forum to discuss the latest developments impacting Actuarial Audit including regulatory landscape changes, assumptions, and emerging technologies.
Session 1: Regulatory Landscape Changes
With the recent and ongoing changes in the regulatory landscape we discussed the resulting challenges that the insurance industry is facing. In addition, we considered the inter-connection of these developments and their potential implications across financial reporting, systems, capital and asset liability management.
Session 2: Assumptions
Assumptions are essential to actuarial processes. In this session, we shared company assumption unlocking practices such as governance, timing and frequency and discussed potential changes being driven by regulatory reform. Using case studies, we also explored approaches to auditing assumptions.
Session 3: When Technology Hits the Road!
The insurance sector is undergoing significant technology transformation. In this session, we learned how recent and evolving technologies such as using Data Analytics (DA) and Robotic Process Automation (RPA) are being applied in the financial services industry. We reviewed banking and insurance success stories with emphasis on how the insurance industry is adopting these changes and the considerations for audit.