I knew this was coming: outsourcing actuarial functions to India.
Caliber Point Business Solutions Ltd. . . . today announced a partnership with ReAct Consulting International, Inc. to provide actuarial process outsourcing services. ReAct, a US-based company, provides consulting services in all facets of life, accident & health actuarial and underwriting, both in the US and internationally. . . .
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As a part of this collaboration, ReAct and Axiom Actuarial Consulting, LLC will provide the subject matter expertise, consulting services and front-end client management. Caliber Point will provide the service delivery model, utilizing their well tested proficiency in business process outsourcing. This new service offering will leverage Caliber Point’s existing infrastructure and will provide customers an access to a large and growing pool of actuarial talent.
Sounds like a couple of actuaries in the U.S. handle the client and some sharp guys in India crunch the numbers.
ReAct specializes in life, accident and health, but I can see a lot of possibilities for similar efficiencies in property/casualty with offshore actuaries churning out rate filings.