Snap Poll on Insurance Actuarial Software

Snap polls reflect questions posed by members of the Celent Executive Research Panel, a group of C level executives in the insurance industry. This question came about from a member who is was looking for insights and advice around software available to support their in house actuary team. This deck provides a summary of the responses to a Snap Poll conducted December 13 – December 17, 2021. 19 Insurers responded to this survey over the course of 5 days.

The question that was posed was:

Background:

This insurer has recently brought their actuarial function in house. They are now looking to understand what kinds of software or other tools are being used by others and what they’re finding helpful. While they’re familiar with some of the traditional products, they want to make sure they are considering newer options as well.

Questions:

•Do you have in-house actuaries?

•Which of these functions are they performing in house?

o Reserves

o Pricing

o Cat modeling

o Predictive modeling

o Other

•Are they using vended products, home grown products or a mix for any of those functions? If they’re using vended solutions, which ones are being used?

o Reserves

o Pricing

o Cat modeling

o Predictive modeling

o Other

•Are they considering adding to or changing any of their existing solutions?

•Do you have any feedback - positive or negative - about any of the solutions they’re using?