LCP wins this award for raising the profile of the actuarial function, innovation in longevity and mortality, and in recognition of its analytics platform LCP InsurSight.

InsuranceERM's judges praised the LCP team for developing into new areas of practice in recent times, and said it is important for the future of the profession that actuarial skills are applied widely in new areas.

In response to the pandemic, for example, LCP launched of a new health analytics offering that leverages the increasing availability of data and combines actuarial, statistical and machine learning approaches to bring clarity to decision makers across healthcare and life sciences.

LCP has also created LCP LifeAnalytics as a tool to better understand the amount of longevity risk in pension schemes. The tool tailors longevity 'Value at Risk' for each scheme by analysing pension scheme liabilities at an individual member level.

Another important innovation by LCP has been its reserving analytics platform LCP InsurSight. The consultancy said the tool is already being used to analyse £100bn ($121bn) of reserves, including for some of the largest insurers in the world.

The judges also praised LCP for encouraging volunteering across its actuarial team and giving back to the profession through a variety of roles.

A spokesperson for LCP told InsuranceERM: "Actuaries are increasingly adopting the role of trusted partner, rather than being confined to the traditional realms of reserving, technical pricing and capital setting. They are bringing key skills and experience to bear on a range of areas, including analytics and strong business understanding."

LCP already working on the next version of its InsurSight platform. This will include "the next generation of our machine learning algorithms, incorporating wider sources of external and market data, to support our clients with their automated decision making," said the LCP spokesperson.