Norwegian Storebrand’s framework to support its actuaries involves a new software solution together with a specialized Cognizant team in Vilnius. Here, IT skills merge with business knowledge and the team now constitutes the engine that generates data, develops models, and allows Storebrand’s actuaries to focus on qualified tasks like analysis and business improvements instead. So far, this concept has proven very successful – and is now offered to other businesses as well.
Complicated processing of massive amounts of data and time pressure – the actuary work is characterized by specific conditions that require both high-performance tools and speed. Most insurance companies rely on standard software to handle the challenges, but insurance company Storebrand chose another direction.
Storebrand decided to develop their own solution, based on modern programming language and module-based ALM (Asset Liability Modelling). The aim was to lower the cost of licenses, to shorten the processing time, and to improve the possibilities to develop their solution further. Storebrand also wanted to become less independent on external consultants and to gain a better overview.
Modelers are core
After nine months work by the project team, the new solution Gekko had been developed and deployed across the organization. Today, Storebrand holds an IT team both in Oslo and in Vilnius, via Cognizant.
The Vilnius team consists of a dynamic mix of IT people, mathematicians and statistical experts with a thorough understanding of the business perspective. This “near-shore pool” is responsible for running and developing the data models – and the Baltic-based modelers are key to success.
A powerful ALM framework
Storebrand’s Asset Liability Modeling (ALM) framework now covers all important aspects of the work process:
Speed and performance
What about Storebrand’s initial aims with the new framework; have they been met? Yes. For instance, a data processing that previously took 14 days can now be performed within a working day. The advantages include:
On top of that, Storebrand also offers a more attractive working environment since the actuaries can focus on analysis and results rather than on code. No wonder that Storebrand’s management team is happy with the new framework; speed, performance and lower costs in one go.
Curious to learn how this can be applied in your business?
Visit cognizant.com or contact Carl Norrman, Cognizant Business Development – Insurance, for more information.
New Concept Leverages Actuary Competence
What would happen if you could focus on analysis instead of code? How can a deeper understanding of human behavior differentiate your organization? We’d now like to welcome you to an event about the future of insurance, and an introduction of a new actuary framework. Join our free seminar in Stockholm and discuss directly with experts from Storebrand and Cognizant, and with financial journalist Patricia Hedelius.