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Barnett Waddingham
0333 11 11 222

We provide specialist consultancy on data management and a suite of technology solutions to support insurers across both life and non-life specialisms.

Our experience

Our experience and expertise in the areas of data and technology for insurers allows us to offer end-to-end consultancy services, from designing your data warehouse and undertaking data analytics projects to data visualisation and process transformation, applying cutting edge technology and expertise.

We are experienced in working with a range of insurers, from medium sized mutual life insurers to some of the very largest listed global commercial lines insurance organisations.


Data analytics 

  • Data warehouse development – we have experience in designing and building robust and fit-for-purpose data warehouses for insurers.
  • Data governance – our expertise in data and analytics, combined with our risk management expertise means that we are ideally placed to support clients develop the appropriate governance structures to support the use of data and data analytics within their business.
  • Data analytics – we have significant experience and expertise in machine learning and data mining, as well as in traditional statistical and actuarial techniques. This allows us to help clients successfully develop their business by generating valuable insights from their data.
  • Establishing analytical functions – we have experience in assisting insurers to establish analytical teams, whether designing, supporting or advising on projects and governance.


Data visualisation

  • Analysis and process automation – developed for the insurance market, ANNalytica™ is our integrated platform that automates many of the processes and analysis involved in analysing the output of stochastic models.
  • Engaging, easily produced visuals – ANNalytica™ turns complex information into eye-catching, dynamic, compelling visuals in seconds.
  • An integrated platform – because ANNalytica™ is integrated with the stochastic source data, calculations can be performed quickly and easily.
  • Reach a wider audience – by concentrating on the “why” rather than just the “what,” you can use ANNalytica™ to engage more effectively with senior management and raise you and your team’s profile within the organisation.
  • Management information tools – we also have considerable experience of using Tableau to build management information tools, such as with-profits payout range and claims analyses.

Data transformation

  • A holistic approach – rather than just reacting to a new regulatory change like IFRS 17, we look at the wider regulatory landscape and work out how to implement a system that complies with all the requirements faced, at the same time.
  • Best in class – we are proud to be a member of a consortium of companies, including Collibra, EDMWorks, Hitachi Consulting and Xceptor, delivering best in class governance, transparency and processes that will help transform an organisation.
  • Gain competitive advantage – the company that unlocks the true potential of their data can gain competitive advantage, which will ultimately drive better value for their business.
  • A track record of success – we have solid experience of assisting clients through regulatory transformation, as well as with large scale process transformation.

Solvency II

  • Quick and easy calculation – our Excel based software, SIIMPLIFY®, enables a quick and easy calculation of the standard formula SCR under Solvency II.
  • Flexible enough to meet your specific needs - including Undertaking Specific Parameters (USPs) and Partial Internal Model (PIM) calculations.
  • Engaging for the whole business – results are presented visually as well as numerically, to engage a wide range of people across the business, including senior management.
  • Efficient, robust and effective – enables users to use less actuarial resource for number crunching, so increased focus can be directed at how to optimise capital under Solvency II.
  • Developed, supported and validated by Barnett Waddingham - giving users confidence in the outputs they produce.

KIDs for PRIIPs

  • Easy to use tool – to make regulatory compliance and KID production straightforward.
  • Automated for improved efficiency – Excel model calculates numerical content and automatically produces narrative content; Word tool then produces KID in required format.
  • Meets your specific needs – our template and model is customisable to reflect your own branding and specific product characteristics.
  • Checks the status – RAG status monitors whether a new KID is required, to ensure regulatory compliance.

Related knowledge and resources

Blogs

  • Picture for How data analytics can enhance your business
    How data analytics can enhance your business

    In his latest blog, Michael Crawford explains why the use of data analytics to help drive strategies is one of the key differentiators which will help companies to survive.

  • Picture for #StrongerTogether - actuaries and data scientists
    #StrongerTogether - actuaries and data scientists

    'Stronger together' is how I see actuaries and data scientists working together in harmony – it is not about Brexit or America’s presidential campaign!

  • Picture for Machine learning: making data work for you
    Machine learning: making data work for you

    We are already seeing clear examples of using machine learning to the benefit of insurance companies and we believe this is just the tip of the iceberg. In our latest blog we highlight one of the ways data analytics has provided value to insurers.

  • Actuarial Function Structure Survey 2015

    There has been much debate as to the role and responsibilities of the Solvency II Actuary and how actuarial departments should be structured. In the Autumn of 2015, we carried out a survey to see how UK insurers have addressed the challenges.

  • PRA Solvency II Insurance Directors’ update - November 2015

    The PRA has published a Solvency II Insurance Directors’ update letter for all Solvency II affected firms. With the implementation of Solvency less than two months away, reviewing applications for Solvency II approvals is the PRA’s main priority.

  • Chief Actuary or not Chief Actuary?

    Who is your Chief Actuary when you outsource the Solvency II actuarial function? We explore why there has been confusion and reveal the answer.

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