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ROC Working Party: Towards the Optimal Reserving Process. The Fast Close process

Published online by Cambridge University Press:  03 March 2015

Neil Bruce ,
Alastair Lauder ,
Cameron Heath ,
Camilla Bennett ,
Chi Wong ,
Gregory Overton ,
Joe Ryan ,
Katherine Laidlar ,
Keith Taylor  and
Tim Jenkins
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Abstract

Our principal focus in this paper is on ways that a Fast Close process (or indeed any reserving process) can be structured to maximise the value added within the process given the time and resource available. This builds on the use of actual vs. expected techniques investigated in our previous paper, and also looks at forces external to the reserving function that may derail smooth progress. We highlight a number of practical ways that the balance can be restored in favour of adding value rather than crunching numbers. This paper forms the second in the TORP series.

Keywords

Fast CloseTORPReservingActual vs. expected
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 20 , Issue 3 , September 2015 , pp. 491 - 511
Copyright
© Institute and Faculty of Actuaries 2015 

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References

Jones, T. et al. 2005. GRIT Consultations Paper. GIRO 2005.Google Scholar
Bruce, N. et al. 2013. ROC Working Party: Towards the Optimal Reserving Process Actual vs. Expected Techniques, GIRO 2013.Google Scholar