Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
Quick links:
  • Home
  • The Actuary Issues
  • October 2016
10

Vital that insurance firms use planning tools that can adapt to new policies

Open-access content 12th October 2016

Some 37% of insurance firms are unhappy with their financial planning tools, according to research from business services provider Accountagility. 

2

It also found that 57% of insurance companies thought their planning tool did not have enough features to cope with the volume of data sets produced by their business, including internal functions like expense allocation. This was cited by 80% of respondents as their greatest challenge.

Accountagility said the results show that firms needed a planning tool that could accommodate multiple functions and different sets of data.

Its chief executive Robert Gothan said: "The insurance sector is no stranger to the need to process and plan for large quantities of data. With the sector constantly affected by changes in regulation, it is vital that firms are using planning tools that can help them adapt to new policies, including any changes to Solvency II following the government's inquiry.

"With a third of firms in this sector unhappy with their current planning tools, many companies will be feeling the need to consider their options and look for more innovative and automated options."

Gotham expressed surprise that a large number of businesses still relied on spreadsheets, which he said were "only really suitable for a singular purpose, since they cannot handle multiple users or large amounts of information".

This article appeared in our October 2016 issue of The Actuary.
Click here to view this issue
Filed in:
10
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Longevity Proposition Development Actuary

London (Central)
£90,000 - £110,000 depending on experience
Reference
118704

Senior Financial Risk Actuary

London, England
£55000 - £100000 per annum
Reference
118752

Senior Reserving Analyst

England, London
£45000 - £60000 per annum
Reference
118751
See all jobs »
 
 

Most-Popular

 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2020 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited, Level 5, 78 Chamber Street, London, E1 8BL. Tel: 020 7880 6200