LCP's InsurSight, the cloud-based reserving and analytics platform from actuarial consultancy LCP, has secured the reserving solution of the year award in recognition of a standout year in 2024.
The platform has been built from the ground up to harness advanced analytics and AI throughout the end-to-end reserving process.
InsurSight had a successful 2024 with four major quarterly updates introducing new features, a launch in the US market, and adoption by a large national regulator to analyse its entire market.
The platform is now being used to analyse over £200bn ($254bn) of reserves across more than 30 insurers, with clients reporting significant efficiencies, with an 80% time saving for analysis work. LCP says feedback from a large London market insurer shows InsurSight has reduced the time taken by their actuaries to review their business from two weeks to under two days.
InsurSight's AI-powered trend detection and reserving capabilities enable insurers to understand emerging trends at all levels of detail and produce a high-quality first-cut of their reserves in minutes.
The platform's high quality data visualisation allows for quick review of outputs using customisable dashboards and graphs that update in real-time.
It has also successfully identified important trends, such as early warnings of decreasing profitability on casualty lines and higher inflation in recent claims payments that were not matched by increases to case reserves on US employers' liability lines.
A spokesperson for LCP says the last twelve months "have been a standout year for LCP InsurSight" and key successes have included four major quarterly updates to introduce new features to the platform.
The LCP spokesperson says: "New features over the last year include additional AI powered reserving methodologies, further ways to integrate InsurSight in insurers’ wider workflows, intuitive and immediate ‘actual vs expected’ tracking, and much more.
"Our vision is to remain pioneers in AI reserving, ensuring that reserving actuaries benefit from cutting edge tools, supported by high quality visualisations, embedded in a user-interface that’s slick, dynamic and easy to use. We are getting ready to release the next set of major features during 2025."