We are delighted to introduce our KPMG Solvency and Financial Condition Report (“SFCR”) analysis tool which provides analysis on publicly available SFCR data.
We have built this application in order to demonstrate powerful data analytics and visualisation tooling available and their ability to produce dynamic and interactive data driven insights instantaneously available to key decision makers. The development of this tool was led by Jean Rea (Director in our Actuarial practice), who was supported by members of our actuarial team.
Historically and still widely the case, analysis of this type is generally produced using Excel with results presented in static documents. Our analysis is based on publicly available SFCR data and utilises open source tools. The analysis has been performed using R, a statistical programming language, and presented through an interactive web application using Shiny (a package in R). These tools clearly have the potential to radically disrupt historic approaches across the end-to-end process, impacting areas such as data preparation, analysis, reporting and visualisation. This application is an extract from our larger application which includes analysis in relation to Technical Provisions, investments, financial performance and which allows side by side comparison of institutions. We plan to publish further extracts from our larger application over the coming weeks.
While change is difficult, modern techniques and tooling have been established and are available to insurers today. KPMG brings experience in implementing these techniques and navigating challenges that may present themselves. KPMG can help you envision a future state and fill in the practical steps to begin to realise it. This could include starting the initial dialogue within your organisation, facilitating a modernisation workshop or providing assistance in scoping or defining a pilot and implementation roadmap. KPMG brings actuarial, data science, technology and process design professionals to help clients both clarify and realise their vision. Clients can benefit by not getting left behind in this rapidly evolving world.