The challenge

Regulatory complexity and an increased pace of change have caused many life insurers to begin a slow but deliberate migration to using a single software platform for pricing, modeling, and valuation.

Many pressures are driving this change, including the desire for:

• Reduced costs
• A single version of the truth
• Fungibility of resources
• Increased operational efficiency
• Better (and easier) governance and control

Any single platform needs to be able to handle newer valuation requirements, too, beyond just rules-based valuation. Once a company has enough business on its books to trigger compliance requirements under VM-20, for example, they need to reprice products and prepare to value new-term and Universal Life Policies with Secondary Guarantees business.

If you’re like other life insurers in this situation, you’ve probably found yourself saying things like:

“The new regulations are putting pressure on us to deliver a higher volume of results, and our current systems don’t have the power required.”

“I need more resources than I have. But I don’t need them all the time, and I don’t want them to sit idle.”

“We’ve only got a handful of actuaries and they are forced to spend the majority of their time on compliance, rather than providing insight.”

The approach

The Integrate platform has helped many organizations work through transitions like these, with an approach that helps:

Provide guidance

Every Integrate implementation includes input and guidance on best practices, as well as ongoing professional service support and model design for efficiency and sustainability. The result is an optimized model fit for production and other purposes.

Ensure support

Given the mission-critical nature of a single-platform approach, you need a partner who will provide robust service level guarantees and disaster recovery capabilities. The Integrate platform provides guarantees for both environment uptime and issue resolution, and managed disaster recovery is built into every aspect of the platform.

Build on-demand computing capacity

The cloud-native Integrate platform delivers highly scalable, elastic computing, with the ability to tap into virtually unlimited power on demand—ideal for handling the modeling-intensive compliance requirements of VM-20 and other principle-based regulatory requirements, and projecting reserve and capital needs to inform your management team.

The solution

Migrating pricing, modeling, and valuation to Integrate One has proven the best choice in this situation for many organizations. Simply moving to the cloud and onto a single platform meets many immediate needs, but it also provides a clear upgrade path to enable future growth.

Typical outcomes for a move to Integrate One in this scenario include:

Drastic reductions in staff time required for production processes

A single platform approach combined with efficient model design and cloud computing can help you and your staff get more value from your efforts.

New products developed for VM-20 and valuation under Principle-Based Reserving (PBR)

The powerful pricing tools in Integrate One and unlocked efficiency contribute to a boost in actuarial productivity.

Increased confidence in accuracy and stability

Robust SLAs, disaster recovery capabilities, model design, and an annual model review all help assure management that Integrate will remain viable at all times.

Agility to keep up with regulatory shifts

Integrate’s unlimited computing capacity coupled with cloud-hosted reports and dashboards, all backed by market-leading support, help you master recent and emerging regulatory changes.

Reduced costs from retiring outdated systems

Moving to a single platform and leveraging cloud computing can allow a company to retire its on-premises grid, creating material savings while also increasing capacity and stability.