Overview
Resolution Life, a leading global life insurer with approximately 1.1 million customers and A$30 billion in assets under management, sought to modernise its actuarial modelling processes. Historically reliant on manual, Excel-based methods for financial reporting and regulatory compliance, the company needed an advanced solution to drive automation, improve accuracy, and enhance scalability as its business expanded.
Challenge
Resolution Life’s actuarial team faced several critical challenges due to its reliance on Excel-based processes:
- Key tasks such as data validation, reconciliation, and model execution were manually performed across complex, interconnected spreadsheets, increasing the risk of human error.
- The lack of built-in controls or versioning created vulnerabilities in critical valuations and forecasts.
- Actuaries spent excessive time on repetitive tasks, slowing down reporting cycles and limiting time for strategic analysis.
- Tracking changes or maintaining an audit trail across Excel files was difficult, hindering regulatory compliance and internal reviews.
- As the portfolio grew more diverse and complex, the Excel-based approach struggled to support new products, assumptions, and evolving regulatory standards like IFRS 17.
Solution
Elwyn implemented a scalable, automated actuarial modelling solution using Oracle Analytics Cloud (OAC). This replaced manual Excel-based processes with a modernised platform featuring:
- Integrated data pipelines to streamline data flow.
- Rebuilt calculation logic to improve accuracy and efficiency.
- Real-time dashboards for actionable insights.
- Full audit traceability to enhance compliance and transparency.
The implementation followed a structured process, including requirement mapping, data pipeline development, logic transformation, dashboard creation, and rigorous user acceptance testing. This ensured a seamless transition to the new platform.
Outcome
The Oracle Analytics Cloud solution transformed Resolution Life’s actuarial modelling capabilities, delivering:
- A 90% reduction in processing time.
- Significant error reduction through automation.
- Real-time insights for faster, data-driven decision-making
- Enhanced auditability and regulatory compliance, supporting standards like IFRS 17.
Supported by Elwyn’s expert delivery, this modernisation lays a solid foundation for Resolution Life’s continued growth, enabling greater efficiency, accuracy, and scalability.
