Why Automate the Addition of a Project in Consolidation
In the world of actuarial science, automation plays a crucial role in optimizing processes and meeting the increasing challenges faced by actuaries.
One such challenge is project consolidation, where they perform individual analyses for multiple lines of business and subsequently consolidate the results for all of them.
Automating this task is important to enhance reliability, efficiency, and regulatory compliance. Manual processes increase the risk of errors and cause delays in financial closing. Automation reduces errors, saves times, and ensures compliance through built-in-checks and validation process.
How a Reserving Solution enhances reliability, improves security, and compliance with regulatory standards?
How to Streamline your Project Consolidation
When it comes to project consolidation, the basic use of Excel® can impose a significant time burden and introduce a higher risk of errors.
Let’s take an example of a file that consolidates the reserves of several branches that have the same geometry and are all calculated using Chain Ladder methods.
Adding a new branch can be a lengthy process in Excel. If the branch has a different calculation method and another geometry then the result table will have to be reformatted and the formulas adapted.
The manual process of adding a new project, with different calculation methods or different geometry, involves tedious tasks like reformatting result tables and adjusting formulas.
These manual interventions increase the likelihood of errors and inconsistencies creeping into the consolidation process.
So how can you streamline your project consolidation with automation and how a Reserving Solution simplifies the Reserving process?
Why you need to move from Excel® to a Reserving Solution
Addactis experts present in this series of articles the 4 key reasons why implementing a Reserving Solution will benefit actuaries in their work and the way they manage their reserving process.
Save Time with a Reserving Solution
Excel®, is a well-known tool for actuaries but sometimes can be complex and time-consuming. Read this article to find out Excel®’s drawbacks and how you can gain time and efficiency with a Reserving Solution.
How Automation improves your Reserving Process
Why do actuaries spend time and effort on Excel when they can save valuable time by automating complex calculations with a Reserving Solution.
Traceability and Governance with a Reserving Solution
In this article, you will learn why you should transition from Excel® to an advanced reserving solution to better track changes and enhance security in your actuarial tasks.
Shape the Future of Reserving
By choosing Reserving by Addactis®, our new cloud-based SaaS solution, you gain several benefits:
- It streamlines your reserving processes;
- It provides a step-by-step guidance to ensure accuracy and efficiency;
- It generates accurate and reliable results;
- It offers increased reliability, as calculations are carried out systematically, minimizing the risk of errors and inconsistencies;
- It provides enhanced security for your data, ensuring the confidentiality and integrity of sensitive information.
