Insurers seek to consolidate proliferation of models

Insurers have collected a proliferation of modelling platforms, which means generating regular reports can be a complex and time-consuming exercise. The way forward is for firms to consolidate their models. Clive Davidson reports

Modelling is so integral to how the modern insurance industry works that inevitably many insurers have ended up with large collections of actuarial, risk and capital models in their organisations. The introduction of desktop modelling packages a decade or more ago, along with do-it-yourself tools such as spreadsheets and databases, plus an ongoing process of mergers and acquisitions have all contributed to the proliferation of models. Many of these are well-honed and embedded in business