LCP's efforts to support clients across all areas of actuarial and risk management allowed it to claim the actuarial consultancy of the year title.

The consultancy pinpoints its people-first inclusive culture and its proven track record of advising insurers and regulators as key.

In recent years, the firm's achievements include providing an independent review of general insurance reserves totalling more than £100bn ($126bn), supporting over 80 insurers with capital modelling and validation, and advising on 17 Part VII (or equivalent) transfers.

Tom Durkin, a partner and head of insurance consulting, tells InsuranceERM a key differentiator for LCP is "a real focus on strong thought leadership and openly sharing that".

"That's both in terms of helping us to develop the offerings and the services that we provide, but also as an industry, we want to help it modernise."

He cites the development of InsurSight, LCP's artificial intelligence-based, analytics reserving platform, as an example.

"We weren't just evolving that on our own," Durkin says.

"We were openly sharing with the whole market the techniques that we were applying, what was working well, as well as the broad sense of it, and that's been really well received."

LCP's thought leadership focus has led to reports on the risk function of the future, which included discussions with insurance chief risk officers, as well as its annual review of the solvency and financial condition reporting by 100 of the largest non-life insurers in the UK and Ireland.

Catherine Drummond, a partner in LCP's insurance consulting practice, adds the dynamic between client and consultancy is continuing to change.

"Looking at what clients are expecting in terms of actuarial and risk consulting support, I think that's changed massively, not just over the last year, but certainly over the last 20 years.

"I believe the client/advisor relationship is far more flexible and fluid than it's been in the past and that for me I think is supported very nicely by better technology that we have.

"We can share workspaces in a way that we couldn't in the past and also the analytics that we have available to us [contribute to this]."