Insurance technology services

The company that unlocks the potential of their data through insurance technology can truly gain a competitive advantage for their business and add value for their customers. Taking a holistic, proactive approach means we look at the wider regulatory and business landscape to determine a system that complies with all the requirements, either regulatory or business.

We have assisted clients through regulatory transformation, as well as with large scale process transformations to unlock this potential.

• Data logistics: Our strong experience in designing and building robust and fit for purpose data storage structures and processes combined with our risk management expertise allows solid foundations to be put in place.
• Data Insights: On top of this our significant expertise in machine learning and data mining, as well as in traditional statistical and actuarial techniques allows us to extract the required insights within the data.
• Data visualisation: Finally, by using one of the many Management information packages, such as Tableau, Power BI, Qlik or R-Shiny for example, to visually represent the resulting analysis and results.

Whether designing, supporting, or advising on projects and governance, our experience and knowledge ideally places us to support you in developing the full use of data and analytics and ultimately embedding it within your business.

Regulatory and business requirements are ever-changing, and decisions need to be made on when and how as a company you start to engage and make those changes. We have had two large scale challenges with Solvency II and IFRS17 in the last decade. Coming up we will see Solvency II reform for the UK market and IFRS17 become more established with new approaches being developed. We have extensive experience concerning both Solvency II and IFRS17, from regulatory interpretation through to implementation, testing and integration of the process into your BAU function.

Underpinning those regulatory requirements and business analytic developments are software and infrastructure needs. We have been assisting clients across multiple aspects of systems and process transformation focusing on:

• Audit - A review of existing systems and processes.
• Strategy – Defining a vision across IT, Finance, New Business & Actuarial.
• Projects – Planning, management & implementation of transformation requirements.

We are here to help manage, assist, guide and implement depending on how you wish to work. We remain agnostic to solutions to provide a subjective independent view for clients. We look at each client’s individual needs and resources and then utilise our extensive experience from working with multiple companies of varying size and complexity to ensure the right solution and process is implemented.

Barnet Waddingham are ideally placed to help you fast track your regulatory changes through a combination of internal expertise from working on large scale projects and providing pre-existing tools.

• SIIMPLIFY® We have an internally built tool which enables a quick and easy calculation of the standard formula SCR. SIIMPLIFY allows users to include USP’s and move to a Partial Internal Model. Results are presented both visually and numerically to allow a wide range of resource access and understanding.
• KIDs PRIIPs We have another tool to ensure you are compliant, monitoring when a new KID is required, and production is straightforward. Our tool calculates the numerical content, automatically produces narrative content and produces the KID in a customisable format to include your branding and specifics.