Save Time with a Reserving Solution

Time has become a highly valued resource in the actuarial world. Saving time is key to compete and perform in the insurance market.

However, the nature of actuarial tasks that is constantly evolving due to the combination of tasks such as advanced mathematics, data analysis and the need to communicate these results in an effective way, makes time-saving more complex.

Besides, the use of Excel® basic features and its repetitive manual tasks does not help actuaries to save valuable time.

That is why the fast pace of the actuarial world demands fast and efficient solutions that help you automate the tasks and gain time.

Excel® is a well-known tool for actuaries, but unfortunately, it has some limitations.

Let’s see by reading this article what are Excel®’s drawbacks and how we can gain time and efficiency with a Reserving Solution.

Excel® is becoming very challenging for actuaries due to the complexity of modifying formulas and models.

If we take the case of modifying diagonals in Loss triangles that are among the most widely used reports in the insurance industry and considered essential in actuarial science, all formulas and formatting are manually adjusted on Excel® and very time-consuming.

Indeed, adding a diagonal and all that it entails, building and updating loss triangles in Excel®, can be very complex and tricky. An actuary needs to make two tedious tasks, as follow:

1- The first is updating the formulas for calculating development factors. This task can take several minutes depending on the size of the existing triangles and no doubt when doing it manually, errors can be made when updating.

2- The second tedious task is modifying the formulas to complete the input triangle. This task to add Loss Runs can take quite some time depending on the maturity of the claim.

Saving time on your actuarial tasks not only increases your productivity, but also frees up valuable resources to focus on other important tasks, such as the actuarial analysis of the results rather than the calculation to get them.

That is why it is important to rely on new advanced solutions that allow you to optimize your loss runs reserving tasks.

A reserving solution will help you incorporate a full range of actuarial methods. This way, you will not only save time but also limit manual errors.

Discover the other advantages of a Reserving Solution in the following articles and learn how it can help actuaries work smarter, faster and more efficiently.