At Annuity Risk, we provide comprehensive risk analytics and regulatory reporting solutions that empower leaders to not only monitor every beat of their life/annuity book but also to help them meet compliance requirements with ease. We cover multiple viewpoints with extreme granularity, enabling all actuarial and risk functions to conduct well-informed and timely decision-making. We provide detailed audit logs, tracking all inputs, outputs, models, and assumptions used in generating each report.
Risk Report and Dashboards
In the last two decades, annuities and life insurance products have undergone a profound transformation. Once straightforward, life insurance and annuity products have now become intricate and diverse, presenting policyholders with a myriad of investment options and life contingent benefits.
This shift towards higher product complexity is also witnessing a radical change in consumer expectations. Policyholders today are progressively well-informed, and they demand not only innovation but also top-notch quality at the best prices.
To thrive in this increasingly competitive and dynamic market, life insurers must continuously innovate and drive down costs. The most effective tool the actuaries can leverage to meet these challenges today is advanced risk analytics.
Consumer Empowerment and Rising Expectations
Thanks to the internet and advancements in communication technology further accelerated by AI, consumers are more informed than ever. Our surveys suggest that most prospective policyholders had already done a lot of market research before initiating dialog with their retirement advisors.
This shift in consumer behavior has forced annuity companies to make significant efforts towards:
- Enhancing innovation in their life and annuity product portfolio.
- Ensuring clear communications with the prospective policyholder.
- Offering very competitive pricing and high value for money.
Increasingly complex product landscape
A typical midsize insurer has between 10 to 25 different annuity products on sale and 25 to 50 legacy products that are off-the-shelf now but in-force, and that are going to remain on its books for years if not decades to come. The insurer must also continuously learn its experience from the existing in-force book and industry trends to guide its decision-making in new product design, managing pricing, and managing its reinsurance relationships.
The Role of Advanced Risk Analytics
Advanced risk analytics empowers actuaries and risk managers to model and analyze the intricate financial and actuarial associated with modern life and annuity products. By leveraging cutting-edge statistical techniques, machine learning algorithms, and scenario analysis, actuaries gain crucial insights into the interplay between market forces, longevity and mortality risks, and policyholder behavior and competitive forces at work in the life insurance industry.
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- Phone: +1 646-535-4245
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