Hollard Life deploys RNA Analytics R3S Software to Increase Automation, Process Control and Focus on Profitability
REIGATE, England, Oct. 6, 2020 /PRNewswire/ -- RNA Analytics, a global leader in actuarial and risk management consulting services, has today announced that Hollard Insurance ("Hollard"), South Africa's largest and privately-owned insurance group, has deployed its R³S software. Transforming the automation of process control and compliance performance, the new tool will allow the insurer to focus on actuarial analysis and profitability.
Being a diverse and complex organization, Hollard Insurance was looking for a customizable solution that would give the company considerable scope for increased efficiency, manage long-established processes, and take a fresh approach as part of its on-going digital transformation.
In deploying the R³S software, Hollard was able to remove the challenges created by bottlenecks in programmatical software development; improve the efficiency of its regular valuation work and standardise reports.
R³S Modeler has enabled the company to develop around 30 risk-based reserving models, with accompanying EV models; as well as detailed per benefit AOS models - a pioneering development in this arena. By using the R³S Toolkit alongside the SQL integration, Hollard is now developing a new reporting database, which will ensure easy, consistent and transparent reporting across the entire organization, consolidated in the centre.
Since implementation, Hollard has further consolidated and standardized its own internal library, allowing more of the valuation to be driven by data and assumption/run-time parameters. R³S's building block approach to constructing modules also makes light work of incorporating new regulatory work. With little effort required to update models to be SAM and IFRS17-compliant, the key advantage is the integration with SQL, which allows systematic exchange of data with its IFRS 17 solution.
Having installed Toolkit on its global server, the entire Hollard group will be able to benefit, reflecting the firm's increased use of virtual operating environments; and using RNA's next generation software to prepare them for the increased demands of stakeholders and regulation, whilst at the same time maintaining security and agility.
Albert Erasmus, Head - Life Corporate Actuarial at Hollard Insurance, said: "In just weeks, projected actuarial time has already been reduced by two months per year, with the opportunity to save up to two full time experienced resources once the reporting database development is finalized. We now run all of our business through R³S, which feeds quarterly profit and reserve reporting as well as the annual budgeting process. It's fast and flexible, and the service from the team has been extremely responsive."
Matthieu Soulas, Principal Actuarial Consultant at RNA Analytics, said: "With the R³S Toolkit, organisations can integrate the running of R(3)S Modeler within an existing infrastructure allowing full automation. It allows the seamless integration of the modelling within existing governance infrastructure, so clients do not need to purchase a specific workflow engine or change existing processes."
The R³S Toolkit provides a set of APIs that enable a R(3)S model to be run from a run archive file. These APIs are the basis for Process Manager, a ready-made solution that allows customers to embed the running of models in a secure, structured, process-driven framework. Users can also run models from outside of the programme, providing a clear distinction between employees developing models and those running the models.
Mr Erasmus added: "Hollard is ambitious by nature - always looking to break into new markets and improve penetration. The ability to innovate has always been important to Hollard from the very start. As our CEO says, we believe there is always a better way. We see this collaboration with RNA Analytics as an integral part of our digital transformation."
R³S is available immediately to actuaries, financial, insurance and investment firms across the globe. For more information on RNA Analytics' R³S Modelling tools and bespoke consultancy, please visit - https://www.rnaanalytics.com/software
About RNA Analytics
RNA Analytics is a global actuarial and risk management firm headquartered in Reigate, United Kingdom. The RNA Analytics Team is located across the United Kingdom, Spain, South Korea, Japan and Hong Kong, and provides actuarial and risk management consulting services to financial institutions around the world. https://www.rnaanalytics.com/
About Hollard
Hollard is South Africa's largest privately-owned insurance group and has been doing business since 1980. Headquartered in Johannesburg South Africa, the group provides short-term and life insurance as well as investment products to more than 6 million policyholders in 18 countries on four continents through local companies from as far afield as Australia, Pakistan, China and India to Botswana, Namibia, Ghana, Zambia, Lesotho and Mozambique. https://www.hollard.co.za/
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SOURCE RNA Analytics
