Insurance is fundamental to modern society. Allowing businesses both big and small to thrive in good times and weather the bad times. Supplying this exceptional resource is a difficult proposition. The underwriting cycle and strict regulatory requirements have always been key components of the Insurance industry and technology, competition and product complexity are increasing challenges.
The number and diversity of developing topics in the insurance industry keeps growing and insurers’ demand for specialist actuarial expertise represents a challenge.
IFRS 17 has put a significant strain in the resources of insurance companies and the pace of change and need for action is not expected to diminish. The Central Bank’s requirement for pre-emptive recovery planning and the review of differential pricing put additional demands on the industry in the near term. EIOPA’s review of Solvency II and reporting requirements as well as the incoming legislation of artificial intelligence and use of machine learning in insurance might mean that constant change is the new normal and insurance companies need to update to allow for it in their business as usual.
Areas such as IFRS 17 and data analytics have highlighted the need to work with a flexible workforce that is knowledgeable across a range of topics. There is an increasing demand for actuaries who are as comfortable with Solvency II or financial reporting as they are discussing topics such as data flows, machine learning modelling, parametric insurance or Blockchain, to name a few.
Why Grant Thornton?
Grant Thornton offers a broad range of actuarial services across life insurance, non-life insurance, and health insurance. Offering actuarial expertise and integrated services across the evolving data analytics and modelling universe, Grant Thornton provides access to its experts and international network.
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