Client:
A national investment firm in the Midwest, providing a large variety of insurance and retirement portfolio products.
Challenge:
The client’s actuary team had to manage a complex process of data compilation, collation, and report production to create a business-critical reserve estimation analysis on a monthly basis. The client had to assign three actuaries for a two-week process to produce the necessary report.
Approach:
Analytic Marketing Innovations was already engaged with the client on another front – the deployment of an Alteryx solution for the investment accounting team. AMI recognized that Alteryx could be utilized to automate the reserve estimation process. AMI teams mapped the source data utilized by the actuaries in their existing spreadsheet solution, built the Alteryx workflows to fetch the data and perform the necessary calculations.
Results:
AMI reduced the task cycle to five minutes. This returned 160 critical skill set labor hours to the actuary pool to be deployed on higher priority tasks.
As a result of this proof of concept, AMI has embarked on a programmatic review of all the actuary reporting functions in partnership with the team subject matter experts, and is now in the second year of a migration of those reports to Alteryx.