Transforming the valuation process for a large multinational insurer

The challenge

A large multinational insurer, with a Regional Office in Hong Kong, faced significant challenges in their valuation process for their business unit in Thailand. The existing process was time-consuming and required a high level of manual effort, leading to inefficiencies and potential errors.

The tailored Unify solution

WTW addressed several critical areas to streamline the valuation process for the insurer:

• Integration: Automating the update, testing, and full run of Prophet, minimizing re-runs due to manual setup issues and reducing manual interactions.
• Efficiency: Achieving time savings through the deployment of standardized and repeatable processes, removing the need for manual intervention.
• Governance & controls: Enhancing the control environment with clear audit trails, run monitoring, history, traceability, versioning, and improved preventative controls, which helped reduce key man risk.
• Ease of use: Designing the platform to be user-friendly, allowing staff to quickly understand and build business processes. This included streamlining the model point generation, integration with native cashflow modelling software, and results extraction.

To achieve these objectives, we successfully automated and enhanced the client's model point generation process, integrated the client's native cashflow modelling software with the workflow using API access, and streamlined the client's results extraction process, reducing the amount of human interaction and wait time.

The impact for the insurer

• Time savings: The turnaround time was compressed by 60%, reducing the process from T+5 to T+2.
• Manual effort reduction: Manual interactions were reduced from 32 to just 6, significantly decreasing the risk of errors.

The chart shows the steps involved, from obtaining actuarial data to moving data and performing backups, all within T+2 days instead of the original T+5 days. This transformation includes a significant reduction in manual interactions and re-runs due to manual setup issues.

The benefits shown here are scalable within the client, helping to reduce turnaround time by 60%, reduce manual effort, reduce risk, improve the overall control environment and ensures a great user experience.

• Minimized re-runs: Re-runs due to manual setup issues were minimized, leading to a more stable and reliable process.
• Improved governance and controls: The automation process enhanced governance and controls, ensuring a great user experience and reducing the learning curve for staff.

The success of the transformation demonstrated substantial time savings, a significant reduction in manual effort, and a more robust governance and control environment. This enabled the insurer to focus on more strategic work and set the stage for further automation and process improvement initiatives, particularly for the finance operations team.

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