Tightening deadlines, resource constraints, mounting regulatory and governance requirements, and increasing business complexity are all major challenges facing insurers' reserving processes.
Dynamo Analytics and its automation platform Psicle has won reserving solution of the year for the way it is helping insurers overcome these obstacles.
Psicle offers a range of deterministic and stochastic modelling approaches for general insurance and health reserving, with an interface to handle large and complex reserving processes.
A spokesperson for Dynamo says with the latest cloud technology, flexible data integration and machine learning, the vendor is truly transforming the modelling landscape for its non-life insurance clients.
The solution is able to simultaneously generate results on a multiple reporting basis, including IFRS 17 and as Solvency II.
What makes Psicle unique, according to Dynamo, is its "modern and flexible low-code interface".
Its features, such as interactive dashboards are presented in one connected model, helping clients "achieve tremendous speed improvements to the working day timetable, underpinned by a robust audit and governance framework", the Dynamo spokesperson adds.
Psicle says its approach to algorithms, covering machine learning and artificial is also very intentional with its use of machine learning (ML) and artificial intelligence (AI) explains Dynamo, in order to ensure "real practical benefit and part of a truly governed and structured process rather than a side ad-hoc analysis that is difficult to validate".
Dynamo has experience implementing its reserving processes in Psicle, for large insurers as well as niche, small and medium-sized insurers.
The future roadmap for Psicle aims to improve reserving functionality using artificial intelligence and machine learning, an ever-evolving list of reserving methods and an increasingly diagnostic-led approach, according to the Dynamo spokesperson. There will also be more options for clients to extend the usage of Psicle for business planning and pricing, says the spokesperson.
