Insurance Risk North America: Insurers warn of over-reliance on 'captivating' models

Robust governance process needed for third-party models


Over-reliance on models is the biggest model risk facing insurers at the moment, Insurance Risk North America in New York heard this week.

Jacob Rosengarten, chief enterprise risk officer at XL Group, said insurers had to work hard to find the balance between using their models and relying too heavily on them.

"These models are mathematically remarkable creations; they are so elegant and so impressive. The mathematics is captivating, but we've all been round the block a few times, we all know

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As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and…

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