Looking back to look ahead – a decade in the making

 Lynn Otugha, Senior Actuarial Consultant, RNA Analytics

From as early as I can remember, I have always been interested in mathematics. Whereas some children find their passions throughout school in sports, or creative subjects, or literature, I found mine in maths and computing. I realised very quickly that I had the type of brain that understands numbers well, and I enjoyed the challenge of calculations and working with figures. Fast forward a few decades, I am now working at RNA Analytics as a Senior Actuarial Consultant, helping support customers from a vast assortment of backgrounds, with our bespoke consultancy services.

When I was studying Computer Science at Bachelor’s level in Botswana, I had a real hunger to focus on, and develop my understanding of the blend between computing and mathematics. This was the time that I identified my passion for the field of work I now find myself in today. At the time, I was not particularly aware of actuarial science, and my place of study did not have any such offering either. It was at this point that my father, who identified my love for mathematics long before I think I did, suggested I speak to a contact of his in the UK. This contact then showed me the world of actuarial science, which drove me to enrol at Heriot Watt University to undertake a postgraduate diploma in the topic.

Following from this, I knew exactly where I wanted to hone my skills, insurance and risk management. So, my final stage of education was enrolling for a one-year Master’s degree in the subject in Italy, before returning to the UK to work across various insurance companies and consulting projects.

A decade later, I find myself at RNA Analytics, working both on the customer delivery side of our consultancy work, as well as the back-end technical construction of some of our most complex and commonly deployed software. While the transition from a more scientific and computing background to a field that is now almost entirely focused on actuarial consulting was a challenge at first, I now believe that having the ability to blend these two areas of work and study in a hybrid manner offers many advantages for our customers and our teams. I get to develop models and work with our talented technical teams, but also get to be client-facing and be a part of the teams delivering world-class consultancy services for customers; so, I really do have the best of both worlds.

In the past ten or so years, I have undoubtedly witnessed a digital revolution – as we all have – and that really excites me. Increasingly so, I am witnessing companies turning towards technology to help with service automation, using software like AI, to help improve customer service and how data is accessed by customers.

What intrigues me even more, however, is the next ten years. I truly do believe that we are in the midst of one of the greatest shifts away from traditional models found within the actuarial and risk management markets. We are well on our way to a world driven by cloud, connectivity and hybrid/remote working, a world which RNA’s global experts are in a prime position to lead.

In my opinion, the future of our work is set to be driven by two dominant factors. IFRS 17 implementation, and the enhanced digital transformation which has been increased as a direct result of Covid-19. While in some cases, the two have been a hinderance to customers’ progress, the wider market should be able to identify and demonstrate the wider perspective of the two – which have brought about an opportunity like never before, to work with customers to revolutionise their standards, models and practices.

Take IFRS 17, for example. Even before the pandemic, the world has sat at varying levels of readiness for years. Our solutions at RNA Analytics are bespoke for each customer and can be tailored for specific needs, allowing adaptability and resiliency for teams in readiness for this challenging regulation.

Viewing the implementation holistically, from the UK to Taiwan, and from Spain to South Africa – this is a global challenge which many of us have been feeling the pressure of for quite some time already. What this does, however, is enables actuarial teams to revise and update their processes, streamlining them for a future that looks to be undoubtedly more hybrid than ever before. Through the ongoing digital transformation we are currently witnessing, and by partnering with third party consultants such as RNA Analytics, companies of all scales are able to review, revise and improve their systems ready for the challenge - well in advance of statutory implementation. This onus lays almost entirely with the individual teams, however, to ensure they are investing the appropriate resources to do so.

Looking ahead to 2030, and as the world slowly but surely starts to ease out of the varying levels of lockdown restrictions and complexities that have arisen since pandemic-induced remote working, my hopes are that the insurance industry learns from the past and strives to adapt quickly and efficiently to new working models. Our industry has typically been known for being slower than others to move with shifting technologies and working styles, but I believe that is fundamentally changing. I hope the future generations stepping into our sector are able to continue this momentum of change and growth, allowing collaboration across all ages and experiences, all working towards the ultimate common good of customers and industry development.

I hope and predict that we as an industry around the globe are able to evolve as our customers need us, tying in with the digital and technological shift, to offer products, services and solutions to clients as and when they need them. We have phenomenal new resources at our feet, such as the likes of big data, AI and cloud technologies (many of which RNA is already working to deploy in the imminent future), which are all set to truly revolutionise the way that we work. I hope we welcome these changes and embrace the new potential they can all bring, to ensure our market delivers world-class solutions to customers now and in the immediate future, ensuring that we learn from the past 18 months to be as resilient and future-proof as possible.

You can learn more about RNA’s solutions here and the software packages here.

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