Synchronizing Data Management Technologies to Integrate Actuarial Processes

Special Topics (narrow topic or advanced); Actuaries are under increasing demands to provide more analysis of relevant information required for business decisions in a shorter time frame. Advances in technology offer new solutions for not only data management, but also the actuarial analysis phase of the overall process. The two main points of this paper are: 1) The actuarial process is in the midst of a broader flow of data and information. Multiple technologies are needed in order to integrate the actuarial process to (upstream) original data sources and to (downstream) management reporting systems and in order to meet the requirements for actuarial analysis. 2) The solution to (1) offers actuaries a realistic opportunity to "read form the same page" by sharing data and results, with a consistent yet flexible toolkit for actuarial methods and reporting. Such possibilities offer actuaries across the organization the opportunity to re-assess what they do and how they do it. Other keywords: financial management, data management, reserving, data warehouse.