Time flies when you’re having fun, and another year has flown by for me while working at McGing.
This past year involved a number of exciting new challenges and experiences, as I assisted a variety of clients on a range of diverse projects. Here are the some of the key projects that I was fortunate to work on this past year.
Life insurance process automation:
A large project I worked on this year was a secondment for several months with a major life insurer. I assisted their data analytics team to automate a number of key processes that the insurer undertakes annually for product pricing and client communications. The processes to be automated largely involved data transformation, claims analysis, and insurance reserve calculations across various spreadsheets. These were automated using a series of programs developed using the programming language R.
The objective of the automation project was to modernise the core process followed across various major clients, reduce the risk of operational error, and streamline the time and resources required to undertake the processes for greater efficiency.
Challenges involved understanding the complexities of the old process, as well as how and where various stages were applied differently to each major client’s data. This ensured that the automated process developed could handle any unique requirements that applied to specific clients’ data.
It was great to be able work directly with the client throughout the project and to achieve a great outcome for their future clients.
Reinsurance recoveries calculation and review:
Early this year I worked on a project for another large insurer, involving a review and independent calculation of reinsurance recovery amounts applicable to a large portfolio of insurance business.
The objective of the project was to identify and calculate any amounts that should have been recovered by the insurer from the various reinsurers on a large tranche of claims. We could therefore determine the existence and $ amount of any reinsurance under or over recoveries.
This project involved building a complex model to calculate reinsurance recovery amounts on a claim-by-claim basis, accounting for all of the historic reinsurance treaties with various reinsurers, different reinsurance types, and varying levels of cover at different points in time.
It was very satisfying to be able help our clients reach their desired outcome in a timely manner, by applying our expertise to such a complex situation.
Fee and rebate verification project:
Our client was going through the process of consolidating their core investment funds which their clients were invested into. As part of the consolidation process, we needed to verify that the fees and rebates applied to a sample of their clients’ accounts were correct and accurate according to underlying agreements both pre-and-post consolidation.
The verification task involved building a model that could calculate expected fee and rebate amounts to be applied based on a series of rules data and account data. It then compared these to the actual amounts charged and rebated through administration systems, and showed any discrepancies between actual vs expected amounts to investigate where necessary. The model was used to verify and or identify any discrepancy in fee and rebate amounts pre-and-post consolidation.
This project illustrated the challenges of running efficient and effective member investment administration systems and the importance of having strong and sound processes in place.
In these projects, and many others throughout the last year, I have really enjoyed collaborating with and developing connections with our clients along the way. I am sure that this year will bring even greater challenges and more exciting opportunities to help our clients optimise their growth, and I look forward to working with the McGing team to deliver great outcomes for our clients.
About the Author:
Daniel Bartlett is an actuarial analyst and has worked for McGing Advisory & Actuarial for three years. Daniel and the team at McGing provide superannuation, insurance, investment, and actuarial advice for organisations.