Our process automation tools produce more efficient risk management and free-up actuarial staff time for analysis by 90%.”
Powerful process automation
The past decade unleashed greater complexities for Life Insurance and Annuity players. Actuarial calculation engines have not met the challenges of new stochastic regulatory and financial reporting requirements, and in turn are creating significant strain on actuarial staffs. More sophisticated annuity products, index-crediting strategies, and annuity rider enhancements are generating longer runtimes — and leave less time for value-added analysis.
A global leader for annuity modeling
The world’s largest insurers are using Atlas for financial management of their annuity portfolios. Our modeling suite provides powerful process automation for hedging and financial reporting — ultimately unlocking valuable actuarial time for analysis. US GAAP LDTI, VM-21, Principles-Based Reserving and IFRS 17 are forcing companies to develop models that incorporate more complex stochastic projections. We have solutions which can augment existing systems as well as options to modernize, re-envision and automate the financial reporting and risk management processes within your organization. Atlas, coupled with Oliver Wyman’s regulatory and actuarial expertise, can get your organization started quickly.
Oliver Wyman software and services have achieved faster runtimes (by 90%), lower computing costs, reporting and analytic agility and operational efficiency across businesses.
The Atlas advantage
Reduce operational risk with a fully automated platform
Our high-performance systems can be run from your workstation, or efficiently distributed to the cloud. Control features provide highly automated and reliable production processes and the necessary firepower required for ad-hoc, exploratory and nested-projection analysis. Typically, 95% or more of a product’s features can be configured directly, with the remainder addressed through user-defined code. Assumptions are inherited from purpose-to-purpose, with a single source of truth across all modeling applications. The platform also provides integrated support for model and assumption governance processes.
Faster system runtimes, agility, and firepower
Our Atlas modeling suite meets your annuity valuation challenges. It is purpose-built for stochastic valuation, whether in hedging, statutory valuation, GAAP valuation, pricing, or ad hoc analysis and development. Accordingly, it is dramatically faster than legacy models.
Below is an illustrated case study from a Bermuda reinsurer of US variable annuities. Using Atlas, the reinsurer implemented process automation to manage more than 200,000 variable annuities (VA) contracts. Atlas now allows a team of 10 active actuarial users and four part-time IT members to efficiently manage the daily hedging and hedge attribution, statutory and GAAP reporting, ad hoc analysis and ongoing development.
Bermuda Reinsurer with a large block of US variable annuities
Approximately 200,000 VA contracts
Get started with Fulcrum
Atlas is a suite within Oliver Wyman Fulcrum, a proprietary platform where strategy and execution meet. Fulcrum offers solutions across many areas of insurance including data management, new product development, policy compliance, platform migrations, portfolio compression, hedging and analytics. Our set of proprietary tools combined with Oliver Wyman product and industry expertise allows clients to maximize operational efficiency and unlock the value of your actuarial staff.