Letting The Database Do The Hard Work

Problem Statement - The actuarial team of a large UK insurer was struggling to meet the new quarterly Solvency II deadlines due too many manual steps in the valuation process. Reporting mechanisms were unwieldy and no centralised data source existed to control and assess the data quality

MBE Solution - MBE implemented a central data repository for managing model points, assumptions, manual adjustments and modelled results. This enabled the client to identify and automate the key controls in the valuation process.
In addition:
an approval functionality was developed which allowed a full audit history of the data
a full mapping of the end-to-end data flow
the team structure was changed to reduce the bottle necks and hand-off points

Result and benefits
Increase in the number of automated tasks
Increase in accessibility of the data
Reduction in operational risk
Reduction in future maintenance of the data system