This is Genpact’s take on how to transform the actuarial function.
1. Reimagine the TOMThe starting point to transform the actuarial function into a more strategic business partner is to design the right TOM. This should factor in right-shoring, right-skilling, process excellence, and digital technologies to drive effectiveness and profitability. Removing low-value activities enables the function to focus on creating strategic insights that support product innovation and accurate reserving. Though this is niche work in the overall value chain, it impacts the internal as well as external environment. A small multidisciplinary team of actuarial domain experts, data scientists, project specialists, and …
