Tyche for non-life insurers
Our non-life consultants focus exclusively on providing cost-effective solutions for clients using Tyche. We have built up a 40-strong team that has deep technical expertise in all actuarial areas
We first used Tyche to tackle the challenges of capital modelling, and it is now used by a large share of the UK market. In many cases, clients have switched their regulator-approved Internal Models across to Tyche. Our off-the-shelf Tyche Capital Model (TCM) product is the most common choice of approach, while some clients use the Tyche platform to develop their own models.
Tyche’s processing speed and ability to manage large data sets mean it can benefit other applications too. For example, some of our clients have extended their use of Tyche from capital modelling into catastrophe accumulation management.
Our Tyche Pricing System (TPS) is the result of 40 development years, in which our actuarial and software specialists worked with a world-leading reinsurer to create this comprehensive, industrial-grade system. It includes all classes – direct and reinsurance – and is now used by over 300 underwriters globally. We also provide clients with cutting-edge predictive analytics solutions.
Reserving teams are under pressure to produce ever faster results, and IFRS 17 has increased this for some insurers. We are working with a number of clients to develop end-to-end solutions in Tyche, which can be run automatically and allow the reserving team more time to focus on value-adding activities.