Covid-19 has impacted almost every nation, disrupting the normal functioning of society and business alike.
The insurance sector faces disruption across claim demands, underwriting risk, and investment due to economic uncertainty. Given its primary objective to manage risk, the actuarial function is heavily impacted within the insurance organisation.
This whitepaper focuses on the lessons learned during the coronavirus pandemic and how the actuarial function at insurance companies might best evolve for effectiveness in a post Covid-19 world.
• Change in exposure to risk factors due to Covid-19.
• The exposure of life insurance businesses towards various risks due to Covid-19 that actuaries must monitor.
• Impact on the “business-as-usual” actuarial reporting process.
• Impact on new developments required to support reporting.
• How data and technology-driven interventions can help actuaries.