Outsourcing Actuarial Work â A Discussion - Actuary.com

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Requirements for Outsourcing WorkMore Cost Efficient Than If Performed In The USQuality Of Work Product Must Be Equal To US StandardsAccurate And Reliable OutputTimely Delivery / Quick TurnaroundWell Understood Processes That Work– Backed up and documented thoroughly– Easily recoverable back to the US• Effective Communications Network Needs To Be EstablishedOutsourcing Actuarial WorkCompany Confidential5
Implementation TimetableTimelineIndiaProposalStudyPhase IManageRepetitive Tasks/ MetricsMulti- Generational ApproachPhase IITrainHigher Level Jobs/ SkillsPhase III4-6 Months TollgateTollgate12-18 Months 12-24 MonthsBuildTrue COE-Establish HQ roles and responsibilitiesfor overall India success-Install monitoring procedure to gaugeproject performance.-Establish consistent procedure bywhich sites select associates-Work with India to refine taskmanagement-Involve India as an actuarial entity forInitiative reviews-Understand where we are underutilizingresources/ ensure fully deployed-Set appropriate performance metricsand enforce accountability. Removenon-performers.-Consider India student actuarial leadershipprogram- establish rotations in US-Provide incentives for students to take USactuarial exams for product and valuation topicsIf not practical, provide targeted training for thosetopics-Mentoring within Outsourcing Operationsupplemented with US resources as well, possiblyon site in India with US Actuary-Target resident skills that can be leveragedthroughout your organization.-Examine opportunities for sharing resources withother parts of your organization (Risk, Finance?)-Promote active business relationships betweenoutsourcing leaders and site users. Includemanagers in the Annual Leadership Meeting. Thiswould result in higher visibility and increasedcontact on both professional and personal levels.-Determine which functions are wellestablished and utilized in multiple sites- Designate which are suitable fordevelopment into enterprise wide “Centers ofExcellence”. This concept is meant to denotea “wing to wing” process whereby all aspectsof a project would be addressed, ranging frombasic data “scrubbing” to advanced actuarialanalysis.-Add/Develop any additional intellectualcapital resources needed to achieve COEcapability.-Actively promote wholesale use across allsites.-Expand number of COE’s, adding whenpractical and cost effectiveOutsourcing Actuarial WorkCompany Confidential612
Page 1 and 2: Outsourcing ActuarialWork - A Discu
Page 3 and 4: Comparative CostsINDIAUS ANALYST122
Page 5: What’s Needed Externally?Controll
Page 9 and 10: Phase II RefinementsIncrease Commun
Page 11 and 12: Other ConsiderationsBack-Up Plannin
Page 13 and 14: Other ConsiderationsCompetency Mapp
Page 15 and 16: Other ConsiderationsConstraintsSyst
Page 17 and 18: Other Possible LocationsWest Indies
Page 19 and 20: AppendixOutsourcing Actuarial WorkC

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Outsourcing Actuarial Work â A Discussion - Actuary.com