A major farming and agricultural equipment manufacturer was struggling to translate actuarial insights and results into language for the board, stakeholders and the business. This hindered effective communication and understanding between actuarial and management teams, which led to unexplainable results and financial surprises.
In collaboration with the farming and agricultural manufacturer, we delivered a flexible data management and reserving solution, using ResQ. this powerful software offers machine-led reserving that uses proprietary algorithms to optimize core reserving methods and emulate the judgements of experienced reserving practitioners. ResQ helped the business analyze more than 200 products efficiently and effectively, bridging the gap between technical actuarial language and communications with management. By enhancing inter-business communication between business functions, which supported greater certainty around delivering organizational strategy and governance while creating control audit logs.
The combination of ResQ and consulting support delivered effective communication around actuarial results and meant the manufacturer could better manage its unearned premium reserve of approximately $1bn.
By efficiently analyzing data at the product level to identify key trends, we positively impacted the warranty balance sheet.
Ready to take more control and get more value from your warranty program? Request a demo of our in-house solutions or speak to our actuarial specialists today.
