Learn how your organization can benefit from the Tyche Reserving System.
Why is Reserving Important?
Maintaining an appropriate level of reserves is critical to the financial stability of an insurance company. CFOs and actuaries need to accurately project reserves to meet internal and external reporting requirements, with IFRS 17, GAAP and Solvency II adding complexity and demanding further granularity.
Reserving often includes manual processes using legacy systems and Excel, increasing the risk of errors and dependency on key individuals. This leads to resourcing challenges and less time to deliver value-add analysis such as:
- Deep-dive reviews of the performance of existing and new products
- Defining parameters and reviewing business planning assumptions
How Tyche Reserving System Can Help
Aon’s Tyche Reserving System transforms the reserving process. It improves business efficiency, reduces operational risk through automation and end-to-end processing while enabling quicker financial reporting.
Generating first-cut results early enables actuarial deep dive into the areas needing attention. This allows greater insight from finance and senior management stakeholders to improve the accuracy of reserve setting and financial planning and feed into the capital modeling workflow.
How We Collaborate with Clients
We partner with (re)insurers as part of a discovery phase to map the data, design the data flows and identify customization requirements.
Working in collaboration with the client’s data, IT and reserving teams, we develop and build the required interfaces, bespoke models and reports to deliver the end-to-end automated reserving solution.
Our collaborative approach ensures meaningful reviews are carried out continuously throughout the implementation of the system.
Why Work with Aon
Automated Roll-Forward Functionality
Automated roll-forward functionality produces the first cut of reserving results for an entire entity at the click of a button.
All data, assumptions and results are managed in a single system.
The out-of-the-box functionality is easily customizable for incorporating bespoke dashboards and solutions within a source control framework.
Robust Audit and Version Control
Robust audit and version control features reduce the risk of errors, and comprehensive documentation mitigates key person risk.