OneFamily's commercial actuarial team delivered a range of value creation projects to support the UK mutual insurer on its growth trajectory over the past year and this has helped it claim the InsuranceERM title.

The team's work has been pivotal in helping OneFamily break through into the protection market, while remaining conscious of the organisation's ESG footprint and net zero goals.

In the past 12 months, the team has actively promoted the value of actuarial work and capabilities across the organisation. The team has also been working to educate colleagues throughout the business on the risks, processes and management as OneFamily's strategy evolves.

"The actuarial landscape is constantly evolving, with the upcoming changes to Solvency UK and a volatile macro-economic environment," says a spokesperson for the insurer.

"Despite the obvious challenges, we believe there are plenty of opportunities and areas the actuarial profession and its members can add value."

Beyond the protection space, the actuarial team is leading OneFamily's charge into the bulk purchase annuity (BPA) market as it aspires to disrupt the existing space. During 2023, the team has been developing OneFamily's BPA proposition for a complicated and concentrated market that contains only a handful of large providers with large actuarial teams.

"Despite our size, we are evidencing that we have the capabilities to disrupt this market and establish ourselves as a contender, alongside delivering on our other strategic projects," OneFamily says.

In addition, the team has worked on asset liability management processes, helped to improve capital-adjusted return on surplus assets and liability backing portfolios, and reduced liquidity risk on these.

The team's future plans include a renewed focus on incorporating artificial intelligence into operations.

"Automation will certainly reduce some of the simpler tasks, but the qualitative reasoning and experience of an actuary will still be needed for some time," says the spokesperson.

"We expect that actuaries will continue to provide value and help organisations to navigate through a period of increasing risks while meeting the needs of consumers and providing them with good outcomes whilst optimising returns to stakeholders."