New RNA Analytics report explores actuarial modernization in light of IFRS 17 and Covid-19

• New report discusses the changing actuarial sector in 2020, in an industry facing great pressure from Covid-19 and IFRS 17
• Increased digitization and digital transformation are key focuses for financial and insurance organizations
• RNA Analytics global experts share insight into the challenges and opportunities currently facing the sector

REIGATE, United Kingdom, Nov. 10, 2020 /PRNewswire/ -- RNA Analytics, a global leader in actuarial and risk management today launches new report titled 'The Modernization of the Actuarial Function', which dissects a rapidly changing industry and the role of the actuary today.

With the implementation of IFRS 17 looming, organizations around the world are preparing for new regulations and rules which impact actuarial, finance and risk management work daily. With the added difficulties posed by the ongoing health crisis of Covid-19, the sector has also had to face unprecedented challenges in carrying out projects remotely, calling on innovative technology more so than ever before.

From risk modeling to legacy software, consultation and implementation, the report, The Modernization of the Actuarial Function explores how best to prepare for the coming challenges through harnessing revolutionary technologies. It also discusses the growing importance of expert consultancy and bespoke structured data modeling solutions that ensure greater efficiency, productivity and scalability, to allow insurers and risk managers alike to focus on complex actuarial analysis with increased accuracy and profitability.

Comprising four chapters: A Changing Insurance Industry / Insight, Agility and Scalability / Replacing Legacy Software / Implementation, the report subjectively reviews and analyses the current challenges the industry faces, and how best to mitigate disruption. It also demonstrates how customers can save cost, streamline operations and identify new opportunities, despite the current and upcoming disruptions to the market, through embracing technology and collaboration.

"2020 has been a challenging year for every single industry, however, the actuarial sector has been able to utilize these hurdles as a means of demonstrating its true value and potential" said Vicky Daniels, Marketing Director at RNA Analytics.  "Through technological advances, collaborative work and innovative new systems, RNA has been able to continue supporting its customers across the globe. This report shares insights from our expert consultants, resulting in a comprehensive and diverse range of forward-thinking solutions to the challenges the sector is currently facing."

Justin Hwang, Managing Director at RNA Analytics added: "We have spent the past six months collating information, discussing with in-house experts, and exploring our industry to produce this piece of report, ready to share with our customers and peers. With the disruption caused by Covid-19 and IFRS 17, our sector is undergoing a period of exponential change – and I am pleased to share how RNA Analytics is supporting the market with our products and solutions."

To download a copy of the report, The Modernization of the Actuarial Function, please visit the website.

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/