Actuaries often face significant delays and inefficiencies in the loss reserving process, with traditional workflows slowing down analysis. Legacy systems and fragmented data sources frequently make it difficult to access the detailed information needed to produce accurate reserve estimates. According to Akur8, a leading InsurTech company, these limitations can turn quarterly reserve reviews into a race to simply complete reports, rather than an opportunity to deliver in-depth, actionable insights.
Modern actuarial departments are under growing pressure from regulators, rating agencies, and audit committees to provide more sophisticated estimates under tighter deadlines.
Yet conventional methods of obtaining data—requesting it from IT or claims departments, reconciling spreadsheets, and ensuring consistency with prior reports—often consume valuable time that could be better spent on analysis and forecasting.
The inefficiencies of traditional processes are compounded by the labour-intensive nature of reconciling and adjusting datasets.
Actuaries frequently spend hours manually verifying information, checking figures against prior periods, and navigating multiple sources to ensure accuracy. These repetitive tasks limit the scope and depth of reserving analyses, leaving little room for innovation or improved risk assessment.
A centralised reserving data repository offers a solution to these challenges. By providing actuaries with direct access to the data they need in a format suited to their analyses, a dedicated hub removes reliance on IT or claims departments.
Teams can query specific datasets, drill down into claims-level details, exclude individual claims as necessary, and reconcile figures efficiently. This streamlined approach reduces bottlenecks and frees actuarial resources for more valuable tasks.
Beyond efficiency, centralised data enables actuaries to dynamically re-segment analyses and uncover trends or anomalies that may not be visible under conventional workflows.
With greater control, teams can respond faster to regulatory requirements, rating agency requests, and internal stakeholder needs while improving the accuracy and reliability of loss estimates.
Maintaining reliance on traditional data flows is increasingly insufficient in today’s regulatory and market environment. Establishing a centralised hub for actuarial data is essential to modernising the reserving process.
It allows insurance companies to expand analytical capabilities, enhance precision in loss estimates, and meet the evolving expectations of stakeholders.
Copyright © 2025 FinTech Global
The post Why actuaries need a central data hub now appeared first on FinTech Global.