CustomerNode™

Theme: Light
Financial Services › Capital Markets & Investment Management › Institutional Asset Management

Insurance Asset Management

High-stakes financial decisions requiring trust, structured diligence, and coordinated stakeholders.

PGIM (Prudential) MassMutual MetLife New York Life
Inside this journey

  1. Pre-Discovery

    Align the room on outcomes, decision process, and constraints before deeper discovery.

    1. Stakeholder Alignment

      Confirm board, CIO/CFO, investment committee, and appointed actuary roles, decision timeline, and what ‘good’ looks like for capital and rating outcomes.

      Alignment Questions

      Setting the Table: Who You Are and What Matters

      • What is your role and primary investment responsibility? Options: CIO, CFO, Head of Investments, Deputy CIO, Appointed Actuary, Board / Investment Committee member, Other
      • Which balance sheet(s) are we discussing today? Options: Life general account, Property & Casualty reserves, Health reserves, Holding company / surplus, Multiple of the above
      • In one sentence, what is the single most important investment objective for the next 12 months?
      • Who ultimately must sign off on material changes to investment strategy or asset allocation? Options: Board / Investment Committee, CIO, CFO, Appointed Actuary, CEO, Enterprise Risk / CRO, Other
      • How confident are you that your current reporting links SAP book results to capital and rating outcomes clearly? Options: Very confident, Somewhat confident, Neutral, Somewhat unsure, Not confident
      • Tell us briefly about one recent investment decision you wish had gone differently and why.

      If the Board Threw a Curveball Tomorrow, Could You Answer?

      • If you had to defend your capital and rating strategy to the board next week, what’s the single toughest point they'd challenge?
      • Which capital and rating thresholds define 'must maintain' vs. 'can tolerate' for you? Options: RBC ratio (%), Statutory surplus ($), NAIC action level / designation, Rating agency cushion (S&P / AM Best / Moody's), Other
      • Who inside and outside the organization shapes the view of 'what good looks like' for capital and ratings? Options: Board / Investment Committee, CIO, CFO, Appointed Actuary, Enterprise Risk, External consultants / actuaries, Other
      • What is the decision timeline for major capital-impacting moves (e.g., adding a new private asset sleeve)? Options: Immediate (weeks), Quarterly, Next annual planning cycle, Event-driven / opportunistic, Other
      • Describe one concrete outcome you would call 'success' for capital and rating—include numbers if you can.
      • How frequently does your appointed actuary or external advisor re-run capital and rating models when considering new investments? Options: Continuously / on each proposal, Quarterly, Annually, Only for major transactions, Rarely / ad hoc

      What's Quietly Costing You Yield?

      • How much incremental net investment income (NII) would make a capital tradeoff feel worthwhile—and why haven't you achieved it?
      • Which asset sectors are you actively trying to increase exposure to (or explicitly avoid)? Options: Investment-grade corporates, Structured credit (ABS / RMBS / CMBS), Commercial mortgage loans, Private placements / private credit, Alternatives / illiquids, Municipals, Other
      • Which NAIC / C-1 / admitted-asset rules are the most restrictive for the allocations you'd prefer? Options: C-1 capital charges, Admitted asset classifications, State-specific admitted rules, Concentration limits, NAIC reclassifications, Custodial acceptance rules, Other
      • How do you currently measure the net-of-capital benefit of a new private or structured asset? Options: Net NII delta, Capital-adjusted return (yield minus capital cost), Risk-adjusted yield / Sharpe-like metric, Scenario-based capital modeling, No formal metric / qualitative
      • Give an example where a high-yielding opportunity was shelved because of capital or admission issues—what was the tradeoff?
      • Which parts of your investment workflow cause the most frustration when pursuing yield (sourcing, approvals, modeling, legal, reporting)? Options: Sourcing / access to deals, Governance / approvals, Capital modeling, Actuarial inputs, Legal / compliance, Statutory reporting, Other

      Which Assumptions Are Helping You — And Which Are Lying to You?

      • Which assumption in your capital, valuation, or rating playbook, if wrong, would most change how attractive your current portfolio looks?
      • How much weight do rating agencies carry in your day-to-day asset decisions? Options: Primary driver, Important but balanced with other factors, Minor influence, Not considered
      • What assumptions do you apply to stressed spreads, downgrade correlations, and liquidity in capital planning? Options: Conservative (large shocks), Moderate, Relaxed / optimistic, No documented assumptions
      • When did you last challenge NAIC / C-1 charge assumptions with an external reviewer or run a sensitivity analysis? Options: Within 6 months, 6–12 months ago, 1–2 years ago, Never
      • How do you test interactions between SAP book yield and RBC in downside scenarios (stochastic modeling, deterministic stress, ad hoc tests)? Options: Stochastic modeling, Deterministic stress scenarios, Ad hoc stress tests, We do not routinely test
      • Recall a time when revisiting an actuarial or capital assumption would have flipped a decision—what held you back from changing it?

      What Would 'A Better Year' Actually Feel Like?

      • If you could suspend one capital or accounting constraint for 12 months, what measurable result would prove it was the right move?
      • What's your target incremental NII goal from reallocations or new manager relationships over the next 12 months? Options: >200 bps over benchmark, 100–200 bps, 25–100 bps, <25 bps, No explicit numerical target
      • How much RBC ratio reduction or capital charge increase would you tolerate for a given NII uplift? Options: Willing to accept modest (1–3% RBC reduction), Accept significant (3–6%) for clear benefit, Only <1% reduction, No reduction acceptable
      • Which concrete signals would convince you a solution is working (e.g., SAP yield delta, C-1 movement, rating commentary)? Options: SAP book yield increase, C-1 charge reduction or favorable change, Stable or improved rating agency language, Improved statutory surplus, Other
      • Who in your organization must see proof-of-concept performance before you scale (and what evidence do they need)? Options: Board / Investment Committee, CIO, CFO, Appointed Actuary, Enterprise Risk, External auditors / consultants
      • How will you evaluate a manager's insurance-specific expertise—what concrete indicators matter most?

      What Would Convince You to Move From 'Maybe' to 'Yes'?

      • If a manager offered higher book yield but raised C-1, what evidence or structure would make you sign within 90 days?
      • Which commercial or governance elements are absolutely non-negotiable for a partner? Options: Reporting SLAs and granularity, Capital modeling collaboration and transparency, Liability-aware portfolio construction, Data sharing / security agreements, Custodial responsibilities, Clear legal indemnities
      • What forms of third-party validation carry the most weight (independent capital models, client case studies, actuarial sign-off)? Options: Independent capital modeling, Existing client case studies, Actuarial / consultant sign-off, Regulatory comfort letters, Other
      • What statutory reporting cadence and SLAs do you expect from an external manager? Options: Monthly SAP packages, Quarterly deep-dive reports, Real-time dashboard with drilldowns, Ad hoc detailed reports on request
      • If we proposed a limited pilot, what acceptance criteria would you insist on up front (quantitative thresholds, gating events, governance checkpoints)?
      • How do procurement, legal review, or internal governance timelines typically affect your ability to onboard a new manager? Options: Fast (weeks), Moderate (1–3 months), Slow (3–6 months), Lengthy (6+ months)

      Can We Operationalize This Without a Drop of Blood?

      • What is the single operational snag that has derailed onboarding or implementation more than any other in the last two years?
      • Which operational elements are already in solid shape and which need work? Options: Custody setup, Statutory account mappings / SAP templates, Position / transaction data feeds, Actuarial input files and assumptions, Compliance / AML screening, None of the above
      • Which custodial, transfer-agent, or legal restrictions have previously blocked investments? Options: Custodial acceptance, Transfer agent restrictions, State legal investment policy, Broker / distribution limits, Other
      • Do you have reusable templates for SAP mapping and C-1 analysis we can leverage, or would we need to create them together? Options: Internal templates available, External consultant templates available, No templates; build together
      • How do you prefer secure data exchange for onboarding (SFTP, API, secure portal, other)? Options: SFTP, API integration, Secure web portal, Encrypted file transfer / managed service, Other
      • What operational milestones would make onboarding feel safe (e.g., reconciled feeds, custodial confirmations, actuarial sign-off)?

      What Would a Pilot Look and Feel Like?

      • If we built a 60–120 day pilot that produced one indisputable result, what would that result need to be to justify scaling?
      • What pilot scale is practical for you—typical dollar ranges, portion of new flows, or percent of a sleeve? Options: $10–50M, $50–100M, $100–500M, Percentage of new flow only, Scaled to risk limits only
      • Which deliverables do you need weekly vs. monthly during a pilot (SAP P&L, C-1, ALM metrics, compliance reports)? Options: Weekly SAP P&L, Weekly C-1 / capital snapshots, Weekly ALM / duration alignment, Monthly consolidated report with commentary, Ad hoc deep dives
      • Who should own the pilot internally to keep momentum and decisions moving? Options: CIO (single owner), Investment team lead, Cross-functional committee, Appointed Actuary
      • What explicit acceptance criteria would trigger scale-up, continuation, or pause at pilot end?
      • How would you prefer we surface learnings—working sessions, written debrief, a shared dashboard, or a mix? Options: Working sessions / workshops, Written debrief report, Shared real-time dashboard, Combination of the above
      • How soon could you assemble the key stakeholders for a pilot kickoff (board reps, actuary, CIO, legal, custodial ops)? Options: Within 2 weeks, 2–6 weeks, 6–12 weeks, Longer than 12 weeks

    2. Balance Sheet & Constraint Mapping

      Document statutory reserves, admitted asset rules, NAIC/RBC constraints, rating agency capital drivers, and current capital ratios that will govern investment choices.

      Current State

      Start with the headline — tell us the one-sentence brief

      • In one sentence, how would you describe the investment mandate and the specific general account or surplus pool you oversee?
      • Which balance sheet(s) does this scope cover? Options: Life statutory general account, P&C statutory reserves, Health statutory reserves, Surplus/capital only, Separate account / segregated portfolio, Multiple of the above, Other
      • Approximate SAP book value (or AUM) of the mandate? Options: < $250M, $250M–$1B, $1B–$5B, $5B–$20B, > $20B, Prefer not to say
      • Who are the core internal stakeholders we should expect to engage during discovery and decisioning? Options: CIO / Head of Investments, CFO / Finance, Board Investment Committee, Appointed Actuary, Treasurer / ALM, Risk & Compliance, External Consultant / OCIO, Other
      • What are the top 3 metrics your team uses to judge success for this mandate (list them in order)? Options: SAP book yield, Net investment income ($/bps), RBC ratio impact, Rating agency capital outcome, Spread over benchmark, Sharpe / risk-adjusted return, Liquidity metrics, Other

      What's really keeping your CFO awake at 2am?

      • If you had to name the single capital outcome from new investments that you most fear, what would it be? Options: RBC deterioration triggering regulatory action, Rating agency downgrade, Assets deemed non-admitted or reserve shock, Unexpected reserve or loss emergence, Liquidity stress during dislocation, Other
      • How often do those fears influence which opportunities get green-lit? Options: Every decision, Most decisions, Some decisions, Rarely
      • Can you describe a recent situation where capital concerns changed or stopped an investment — what happened and why?
      • Quantitatively, what is the maximum immediate RBC ratio hit (in % or points) you would tolerate for a deal that materially improves net investment income? Options: < 1% / <10 points, 1%–3% / 10–30 points, 3%–5% / 30–50 points, >5% / >50 points, Depends on compensating yield
      • Which internal reactions usually follow when capital moves in the wrong direction? Options: Pause new buys, Rebalance existing portfolio, Seek capital infusion, Engage rating agencies proactively, Adjust reserve methodology, Other

      Where the balance sheet bites back

      • Which statutory, NAIC, or state-specific rules do you find most restrictive when trying to source higher book yield?
      • What percent of your portfolio is currently NAIC 1–3 versus NAIC 4–6? (approximate split) Options: >90% NAIC1-3, 70%–90% NAIC1-3, 50%–70% NAIC1-3, <50% NAIC1-3, Unsure / varied by line
      • List any admitted asset constraints or state domicile limits that routinely force you to turn down or limit certain deals (narrative: asset types, concentration caps, loan limits, affiliated exposure rules).
      • What is your current consolidated RBC ratio (or range)? Options: <150%, 150%–200%, 200%–300%, >300%, Don't publish publicly
      • Which rating agency metrics or capital drivers (e.g., capital adequacy, asset quality, liquidity) do you consider in every investment review? Options: Capital adequacy, Asset quality and impairments, Liquidity & cashflow profile, Earnings volatility, Underwriting reserve sensitivity, Other
      • How do you currently model C-1 capital charges for private or non-standard assets in your vendor/actuarial toolkit? Options: Internal actuarial model, External consultant/actuary, Vendor-provided C-1 factors, Ad hoc conservative assumptions, We don't model C-1 proactively

      What if capital behaved differently — acceptable tradeoffs

      • If taking incremental yield required a modest, temporary increase in regulatory capital, what would make that tradeoff acceptable to you? Options: Clear path to restore capital within timeline, Compensating long-term yield advantage, One-off pilot with tight limits, Rating agency pre-clearance, Other
      • What incremental net investment income (bps or $) would you target to justify moving into privately sourced or structured opportunities? Options: <25 bps, 25–50 bps, 50–100 bps, >100 bps, Target expressed as $/year
      • What maximum stress to RBC or rating-equivalent metrics would you accept during a 12-month pilot to achieve those yield targets? Options: No deterioration allowed, Small / temporary (up to 5%), Moderate (5%–15%), Significant (>15%), Depends on remediation path
      • Which asset sectors would you be most open to for incremental yield? (select all that apply) Options: Investment-grade corporates (non-core), Structured credit (CMBS/ABS), Commercial mortgage loans, Private placements / PPLOs, Middle-market direct lending, Real assets / infrastructure, Other
      • How do you prefer yield communicated when comparing opportunities: SAP book yield, after-capital-charge yield, economic yield, or a blended view? Options: SAP book yield, After-capital-charge yield, Economic yield, Blended / all of the above, Other

      Lessons from the trenches — where we've stumbled before

      • Think back to an investment or manager selection that looked right on paper but later created capital or regulatory pain—what were the critical misreads?
      • Which early warning signs were missed or underweighted in the pre-investment review? Options: Underestimated C-1 capital, Mis-specified statutory valuation, Liquidity mismatch, Overstated credit enhancement, Governance/operational gaps, Other
      • How long did remediation take and what actions were required (select all that applied)? Options: Portfolio rebalancing, Sale at loss, Capital injection, Reserve/actuarial adjustments, Regulatory engagement, Other
      • What internal process or data limitations contributed to the delayed reaction (be specific)?
      • Following that experience, what governance or analytic change did you implement (if any) to avoid a repeat? Options: New acturial sign-off gate, Enhanced C-1 modeling, Tighter committee cadence, Pre-clearance with rating agencies, Improved data feeds/tracking, None implemented yet

      Who holds the pen — decisions, timing, and blockers

      • If we presented a fully-documented recommendation tomorrow, who would need to sign off before execution and which single approval step is most likely to stall the deal?
      • Typical elapsed time from initial proposal to final execution for a new strategy or manager? Options: <30 days, 30–60 days, 60–120 days, 120–240 days, >240 days
      • What minimum analyses or artifacts your committee requires before approval? (select all that apply) Options: SAP performance projection, C-1 capital impact analysis, Actuarial attestation, Rating agency commentary, Legal and compliance memo, Third-party due diligence, Other
      • How actively involved is the appointed actuary in new asset acceptance, and do they require model inputs from the manager? Options: Full sign-off required, Consulted for material changes, Rarely involved, Involved via external consultant, Other
      • What common internal bottleneck (e.g., ledger mapping, custodial readiness, data access, legal review) tends to delay onboarding? Options: Data/custody feeds, Accounting/statutory mapping, Actuarial inputs, Legal/commercial negotiation, IT/security integrations, Other

      What would make you say yes — acceptance criteria and next steps

      • What's the single most persuasive form of evidence that would convince you to appoint a new manager or commit to a strategy? Options: Demonstrated after-capital-charge return, Pilot with constrained exposure, Rating agency comfort or letter, Actuarial endorsement, Regulatory pre-clearance, Other
      • What size pilot (as % of mandate or $) and duration would you consider sufficient to validate a new approach? Options: <1% or <$10M / 3 months, 1%–5% / 6 months, 5%–15% / 12 months, >15% / 12+ months, Depends on asset type
      • What reporting cadence and formats are required for you to monitor a pilot (select all that apply)? Options: Monthly SAP performance, Quarterly C-1 / capital dashboard, ALM duration and cashflow reconciliations, Ad hoc stress test outputs, Ledger-level transaction files, Executive one-pager for committee
      • Which SLAs or contractual terms around statutory reporting, data delivery, and audit support would be deal-breakers if missing?
      • Who should be the internal owner for onboarding and ongoing governance of a pilot, and what capacity (FTE/time) will they realistically commit?
      • Finally, what would you like our next step to be after this discovery conversation (select one)? Options: Deliver tailored C-1 impact memo, Provide pilot proposal and commercial term sheet, Run a no-commitment scenario analysis, Organize an executive briefing with actuary and CFO, Other

  2. Customer Discovery

    Align on target net investment income, acceptable capital tradeoffs, preferred asset sectors, and measurable success signals.

    Discovery Questions

    Quick Start: Tell Us Who's in the Room

    • What is your role and primary responsibility for general account or surplus investment decisions? Options: CIO / Head of Investments, CFO / Finance Lead, Chief Actuary, Treasury / Investments Manager, Board / Investment Committee member, Other
    • Which lines of business and balance sheet buckets does this mandate or conversation cover? Options: Life reserves, P&C reserves, Health reserves, Surplus / capital, Separate accounts / VA hedging, Combination
    • What prompted you to engage now—market opportunity, capital pressure, rating watch, or something else? Options: Market opportunity, RBC / regulatory pressure, Rating agency concern, Need for yield, Board directive, Other
    • What is the single headline investment priority for this mandate today? Options: Increase SAP book yield, Preserve RBC / ratings, Access private assets, Improve liquidity management, Simplify statutory reporting, Other
    • Who needs to sign off on strategy or mandate changes (names/roles)?

    Are You Settling for Safe Income?

    • How much yield would you be willing to trade away today to avoid a meaningful (one-notch or equivalent) rating risk tomorrow? Options: Not willing to trade any yield, Up to 10 bps, 10–50 bps, 50–100 bps, 100+ bps
    • Which headline net investment income (SAP book yield) target are you aiming for on this mandate? Options: <100 bps, 100–199 bps, 200–299 bps, 300–399 bps, 400+ bps
    • Please specify your numeric target net investment income (bps) and whether that is gross or net of fees.
    • What level of incremental NAIC/C-1 capital impact is acceptable for marginal yield improvements? Options: Negligible (must not materially increase C-1), Small increase (up to ~25% C-1 delta), Moderate (25–50% C-1 delta), Large (>50% C-1 delta), Unsure / need modeling
    • If forced to rank, how would you prioritize: yield, RBC ratio, and credit/ratings—what breaks the tie?

    Where Capital Rules Quietly Shape Choices

    • Which regulatory or capital constraint would you most like to change if you could—statutory accounting, NAIC charges, rating agency models, or admitted-asset rules? Options: Statutory accounting (SAP), NAIC / C-1 rules, Rating agency capital models, State admitted-asset rules, All feel equally constraining, Unsure
    • What is your primary target RBC ratio or target band for this mandate? Options: <200%, 200–300%, 300–400%, 400–600%, >600%
    • Which rating agency sensitivities most influence your allocation choices? Options: Capital adequacy, Asset quality / impairments, Liquidity profile, Earnings sensitivity, Reserve volatility, Other
    • Which specific admitted-asset limitations or domicile rules materially restrict what you can buy?
    • How often do you re-run statutory / C-1 modeling to evaluate a new allocation (frequency)? Options: Daily, Weekly, Monthly, Quarterly, Ad-hoc / project-based

    What Would Make Your Investment Income Feel 'Right'?

    • If we could deliver an incremental X bps of SAP book yield tomorrow, what minimum X would make you seriously consider a tactical shift? Options: <25 bps, 25–50 bps, 50–100 bps, 100–200 bps, >200 bps
    • Describe concretely what 'worth it' looks like for you in terms of capital impact, rating risk, and liquidity.
    • What time horizon do you view as decisive for realizing these yield gains? Options: 0–3 months, 3–12 months, 1–3 years, 3–5 years, 5+ years
    • How should fees be reflected when we present net investment income results? Options: Net of all fees (preferred), Net of performance fees only, Gross of fees, Show both gross and net
    • Tell us about a past allocation or trade that felt like a clear success—what made it work and how was capital/rating considered?

    Where Private Assets Fit — Opportunity or Risk?

    • Are you treating private assets primarily as a genuine source of higher risk‑adjusted book yield or as a workaround for capital constraints? Options: Genuine source of higher yield, Primarily a capital/rule workaround, A mix of both, We do not use private assets, Unsure
    • Which private sectors are you open to considering for this mandate? Options: Commercial mortgage loans, Private placements (corporate), Private credit / direct lending, Infrastructure / project finance, Real estate equity/debt, Other
    • What admitted status, NAIC treatment, or legal structure must a private investment meet to be eligible?
    • How comfortable is your organization with illiquidity, valuation subjectivity, and longer lock-ups for private assets? Options: Very comfortable, Somewhat comfortable, Cautious, Not comfortable
    • Describe your internal process for sourcing, vetting, and approving private deals (roles, committees, documentation required).
    • Do you require separate custody, special purpose vehicles, or side‑letter arrangements for private investments? Options: Yes—separate custody/SPV required, No—existing custodian acceptable, Depends on asset class, Unsure / need guidance

    How Do You Measure and Trust Success?

    • Could your current reporting be painting an overly optimistic picture of progress or masking risks? Options: Yes—often, Sometimes, Rarely, No—reporting is reliable, Unsure
    • Which performance and risk metrics do you rely on in your routine governance reviews? Options: SAP book yield, Duration / ALM alignment, C-1 capital outputs, RBC ratio, Book vs. market performance, Liquidity metrics, Other
    • How frequently do you require scenario analysis tied to rating downgrades, severe market moves, or liability shock events? Options: Never, Rarely, Occasionally, Regularly (quarterly), Always before material decisions
    • What specific report fields or data elements must appear in any manager deliverable to be usable by your statutory accounting team?
    • Which delivery format do you prefer for operational use and integration? Options: Automated dashboard (preferred), PDF executive reports, Raw data feeds (SFTP / API), Combination of the above

    Decision Dynamics: Who Decides and How Fast?

    • If a fleeting market dislocation offered attractive extra yield, could your governance act quickly enough to seize it? Options: Yes—within days, Within weeks, Only with committee/board approval (months), No—governance is too slow, Unsure
    • Who must be consulted or approve material changes (roles and escalation path)? Options: CIO, CFO, Investment Committee, Board, Appointed Actuary, Legal / Compliance, Operations
    • What is your typical approval threshold for tactical allocations expressed as % of portfolio? Options: <1%, 1–5%, 5–10%, 10–25%, >25%
    • Describe the last time governance slowed or prevented a timely allocation—what happened and how long did it take to resolve?
    • Do you have delegated authority limits documented and a clear escalation path for time-sensitive opportunities? Options: Yes—fully documented, Partially documented, No, In process

    What Keeps You Up at Night About a New Manager?

    • What single manager behavior (operational, reporting, or ethical) would make you terminate a relationship immediately?
    • Which operational risk concerns you most when hiring an external manager? Options: Valuation transparency, Custody & asset segregation, Regulatory reporting errors, Data feed reliability, Conflicts of interest, Other
    • Have you had painful surprises from managers before? Briefly describe one and how it affected trust.
    • Which SLAs would materially reduce your concern (reporting cadence, trade reconciliation windows, response times)? Options: Daily NAV/reporting, Weekly updates, Monthly executive summary, 24–48 hour trade reconciliations, Quarterly governance reviews
    • How important is a dedicated on-site or virtual relationship team for you? Options: Critical, Helpful but not required, Nice to have, Not important

    Small Commitments That Make Onboarding Easier

    • Would you prefer to start with a measurable pilot that isolates risk, or commit capital up front to capture market windows? Options: Pilot / trial first, Commit full mandate, Hybrid (pilot then scale), Undecided
    • What pilot size (% of target mandate) would you find acceptable to test strategy and operations? Options: <1%, 1–5%, 5–10%, 10–25%, >25%
    • Which operational items must be proven before any live capital moves (select all that apply)? Options: Data feeds & statutory mappings, Custody setup & segregation, Stat reporting & C-1 outputs, Trade execution & settlement, Compliance screening & KYC, Reconciliation processes
    • What pilot length (in months) would convince you to scale if outcomes meet expectations? Options: 1 month, 3 months, 6 months, 9–12 months, >12 months
    • What objective acceptance criteria would you require to approve scaling (examples: bps, capital impact, report accuracy)?

    If We Partnered, How Would You Define Immediate Success?

    • If we started tomorrow, what three outcomes in the first 90 days would make you tell the board this was the right move?
    • Which short-term metric is highest priority to you? Options: Incremental SAP book yield (bps), No adverse change to RBC/ratings, Timely statutory reporting & C-1 outputs, Successful custody & reconciliation, Private deals sourced and approved
    • How quickly can you provide required data (holdings, cashflows, statutory mappings) for initial modeling? Options: Immediately, Within 2 weeks, 2–4 weeks, 1–2 months, Longer / need discussion
    • Who should be our primary operational contact for onboarding (name/role) and what is the best way to reach them?
    • Are there any legal, compliance, or governance constraints we should know up front before proposing a pilot or mandate?

  3. Solution Experience

    Use the insurer’s context to show how portfolio construction, private asset sourcing, and capital-aware pricing deliver SAP book yield and maintain target RBC/rating outcomes.

    Experience Meetings

    • Current State & Consequence Alignment
    • Capital-Aware Portfolio Construction Workshop
    • Private Asset Sourcing & Pricing Session
    • Actuarial & Rating Impact Review
    • Solution Experience Validation & Next Steps
    • Define the statutory reporting and governance obligations required for deployment.
    • Schedule follow-up sourcing session to populate target private assets for the selected option.
    • Pipeline & Eligibility Review
    • Agree on specific private asset types and 1–2 pilot deals that meet pricing and capital criteria.
    • Ensure each proposed deal has clear admitted asset and C-1 mapping documented.
    • Establish owners and timelines for due diligence, legal review, and custodial setup.
    • Host to deliver confidential deal memos for the selected pilot(s) including SAP yield, pricing, and C-1 mapping.
    • Customer credit/insurance counsel to confirm admissibility and any domicile-specific limits.
    • Set timeline for due diligence, legal sign-off, and custodial onboarding for pilot assets.
    • Walkthrough of C-1 & Statutory Outputs
    • Actuarial and rating stakeholders confirm that modeled RBC/rating outcomes meet the customer's acceptance thresholds.
    • Agree stress case responses and monitoring cadence to detect deviations early.
    • Introductions & Meeting Objectives
    • Deliver the final C-1 workbook and sensitivity tables to customer actuarial team for retention and regulatory record.
    • Host to draft a rating-impact memo for the customer's review and sign-off.
    • Establish monitoring cadence (monthly SAP performance, quarterly C-1 refresh) and assign owners.
    • One-sentence Future State Recap & Proof
    • Obtain explicit customer validation that the presented solution proves the agreed future state.
    • Agree the scope and acceptance criteria for a pilot and the timeline to move into Solution Scope.
    • Assign owners for commercial, actuarial, legal, and operations steps needed for Mutual Commit.
    • Prepare and circulate the Solution Experience summary deck showing proof points and agreed pilot scope.
    • Customer to confirm pilot approval (yes/no) and provide target start date and budget authority.
    • Host and customer to list required items for Solution Scope: permitted strategies, reporting templates, SLAs, and governance contacts.
    • Lock a crystal-clear one-sentence current state that everyone agrees is accurate.
    • Surface and quantify the business consequence in concrete financial or rating terms.
    • Agree a one-sentence future state and the specific evidence that will prove it.
    • Assign owners for any missing inputs required to run the Solution Experience models.
    • Customer to deliver final statutory balance sheet, asset schedule (SAP), NAIC/RBC output, and rating materials within 48 hours.
    • Host to confirm the one-sentence current state and future state in writing and circulate to attendees.
    • Agree model inputs and assumptions owner list (actuary, comptroller, PM) for scenario runs.
    • Host to deliver detailed scenario worksheets (SAP yield, C-1, duration) for the selected portfolio options.
    • Recap Constraints & Targets
    • Produce 2–3 insurer-specific portfolio options with SAP yield and C-1 outputs for comparison.
    • Demonstrate, with numbers, how each option either resolves or fails the customer's quantified consequence.
    • Achieve customer confirmation on a preferred option to advance to sourcing and underwriting.
    • Document any outstanding model sensitivities or data gaps required for final decisioning.
    • Customer actuarial/finance to validate and sign-off on assumptions used in the runs or provide corrections.
    • Stress & Sensitivity Analysis
    • Demonstration of Recommended Portfolio vs Current State
    • One-sentence Current State (Confirmation)
    • Assumptions Approval
    • Deal Deep-dive (1–2 Examples)
    • Tiebacks: How Each Problem Is Eliminated
    • Quantify the Consequence
    • Capital-aware Pricing Mechanics
    • Rating Agency Mapping & Messaging
    • Construct 2–3 Portfolio Options
    • Operational & Reporting Requirements
    • Underwriting & Admission Checklist
    • Define One-sentence Future State
    • Run SAP Yield & C-1 Capital Outputs
    • Acceptance Criteria & Pilot Scope
    • Validation & Agreement
    • Confirm Evidence Required to Prove Future State
    • Tradeoff Discussion
    • Decision & Next Steps
    • Pilot Deal Approval Criteria
    • Validation & Selection Criteria
    • Validation Check & Next Steps

  4. Solution Scope

    Define permitted strategies, portfolio constraints, reporting deliverables (SAP basis, C-1 analysis), cadence, and acceptance criteria.

    Scope Configuration

    • Construct C-1 Optimized Fixed-Income Sleeve
    • Execute Investment-Grade Corporate Bond Trades
    • Source and Close Private Placement Investments
    • Underwrite and Fund Commercial Mortgage Loans
    • Deploy Structured Credit Purchases with NAIC Treatment
    • Provide SAP-Basis Monthly Performance Reporting
    • Deliver Quarterly C-1 Capital Charge Reporting
    • Reconcile Portfolio to Statutory Accounting Books
    • Execute Duration-Matching Position Adjustments
    • Administer Admitted Asset Compliance Screening
    • Prepare Admissibility Documentation for Investments
    • Perform Trade Settlement and Custody Reconciliation

    Scope Questions

    Construct C-1 Optimized Fixed-Income Sleeve

    • What is the target dollar size or % of portfolio for the C-1 optimized sleeve? Options: Less than $25M, $25M-$100M, $100M-$250M, More than $250M, Specify in free response
    • Which NAIC categories and C-1 treatment should the sleeve prioritize (e.g., NAIC 1/2 eligible, mitigate C-1 uplift)? Options: Maximize NAIC 1-2 holdings, Mix with NAIC 3-4 but limit C-1, Allow NAIC 5-6 with mitigation, Custom - explain in next field
    • Please state your explicit C-1 or RBC target constraint for this sleeve (e.g., max incremental C-1 impact in basis points or $)
    • What minimum credit ratings or issuer standards must holdings meet for inclusion in this sleeve? Options: NAIC 1/2 (Investment Grade equivalents), Allow selective NAIC 3 with limits, Minimum S&P/A/Moody's rating (specify)
    • What duration or effective duration target and allowable tracking error should be applied to the sleeve? Options: Duration target (yrs) - open response, Short (0-3), Intermediate (3-7), Long (7+)
    • Are private placements, non-admitted tranches, or structured positions permitted in the sleeve? Options: Yes - private placements allowed, Yes - certain structured allowed with NAIC mapping, No - only admitted, plain-vanilla securities

    Execute Investment-Grade Corporate Bond Trades

    • What execution style do you prefer for corporate bond trades? Options: Principal (block) execution, Agency/broker execution, Programmatic laddered purchases, Combination - describe
    • What minimum liquidity or average daily trading volume requirement should be enforced for securities? Options: High liquidity only, Moderate liquidity allowed, Illiquid allowed if reviewed
    • What pre-trade compliance checks are required (e.g., NAIC admission, concentration, issuer limits)? Options: NAIC/admissibility check, Issuer concentration check, State domicile limits, All of the above, Custom - describe
    • What settlement window and trade date conventions should we follow for corporate bond trades? Options: T+1, T+2, Custom - specify
    • Are specific dealer panels or execution counterparties mandated or preferred? Options: Use approved dealer panel, Open market with best execution, Preferred dealers (list in free response)
    • What reporting and confirmation formats do you require after execution (e.g., trade blotter, GL-coded csv)? Options: Daily trade blotter (csv), PDF trade confirmations, API push to ledger, Other - specify

    Source and Close Private Placement Investments

    • Which private placement asset types are in scope (e.g., corporate loans, private credit, private ABS)? Options: Corporate private placements, Private credit/funds, Private ABS/structured, Commercial mortgage placements, Other - specify
    • What minimum underwriting criteria must private placements meet (e.g., EBITDA covenants, leverage ratios, sponsor quality)?
    • What due diligence deliverables are required before commit (e.g., legal opinion, financial models, third-party diligence)? Options: Legal opinion, Financial model & stress test, Third-party appraisal or engineering report, KYC/AML documentation, All of the above
    • What approval authority and governance is required to close a private placement (deal size thresholds, investment committee sign-off)? Options: PM approval only, PM + Head of Credit, Investment committee required above threshold, Custom - describe
    • What is your expected timeline from term sheet to funding for private placements? Options: Less than 30 days, 30-60 days, 60-120 days, 120+ days
    • Are there admissibility or NAIC concerns we should model before sourcing? Options: Yes - need pre-admissibility review, No - assumed admitted, Conditional - depends on structure

    Underwrite and Fund Commercial Mortgage Loans

    • Which loan products should be underwritten (e.g., bridge, stabilized, construction-to-perm)? Options: Bridge loans, Stabilized/long-term loans, Construction loans, Construction-to-perm, Other - specify
    • What maximum LTV and minimum DSCR thresholds are required for underwriting? Options: Max LTV 60% or less, Max LTV 60-75%, Max LTV 75%+, DSCR minimum (open response)
    • Do you require geographic or property-type limits (e.g., no speculative land, certain states excluded)? Options: Geographic limits required, Property-type restrictions required, No limits - portfolio level controls
    • What third-party reports are required at underwriting (appraisal, environmental, title, engineer)? Options: Appraisal, Phase I/II Environmental, Title & UCC search, Engineering/inspection, All of the above
    • What funding mechanics and custodial arrangements do you require for loan closings? Options: Direct lender funding, Custodial escrow with trustee, Agency custodian disbursement
    • Who holds servicing and default management responsibilities post-funding? Options: In-house servicing, Third-party servicer, Hybrid - describe

    Deploy Structured Credit Purchases with NAIC Treatment

    • Which structured credit instruments are allowed (e.g., CLO tranches, RMBS, CMBS tranches)? Options: CLO tranches, RMBS/CMBS, ABS tranches, Credit-linked notes, Other - specify
    • What NAIC mapping or desired capital treatment should be targeted for each structured type? Options: Conservative NAIC mapping, Optimized with structural/legal mitigants, Custom - model per deal
    • Are subordination, attachment points, or structural credit enhancement limits required? Options: Yes - specify minimum subordination, No - evaluate case-by-case
    • What modelling outputs do you require pre-purchase (e.g., C-1 impact, expected SAP yield, stress loss scenarios)? Options: C-1 capital impact, SAP-basis yield & credit loss, Multi-scenario stress tests, All of the above
    • What documentation/representations are required from sponsors (e.g., waterfall, remittance reports)? Options: Full legal waterfall, Historical performance data, Servicer reporting templates, Other - specify
    • Do you require pre-approval of servicers/trustees and ongoing surveillance? Options: Yes - pre-approve and continuous surveillance, Only pre-approval, No - rely on manager's oversight

    Provide SAP-Basis Monthly Performance Reporting

    • What core SAP-basis metrics must be included monthly (e.g., book yield, accrual income, realized/unrealized gains)? Options: Book yield and accruals, Realized/unrealized P/L, Net investment income, Security-level amortization schedules, All of the above
    • What delivery format do you prefer for monthly reports? Options: PDF summary + CSV holdings, Interactive dashboard + CSV export, API push to ledger, Other - specify
    • Who should receive monthly SAP reports and what distribution cadence is required? Options: CIO & Treasurer, CFO & Controller, Investment committee, All above
    • Do you require reconciliations between performance reports and statutory GL at month-end? Options: Yes - full security-level reconcile, Yes - summary reconcile, No - not required
    • What SLAs do you require for delivery and correction of monthly reports (e.g., days after month-end)? Options: 5 business days, 10 business days, Custom - specify
    • Are there custom disclosures or footnotes required for particular asset classes? Options: Yes - specify in free response, No

    Deliver Quarterly C-1 Capital Charge Reporting

    • Which granular outputs are required quarterly (per-security C-1, aggregated RBC impact, scenario sensitivities)? Options: Per-security C-1 listing, Aggregated RBC/C-1 impact, Scenario sensitivity analysis, All of the above
    • Do you require historical quarter-over-quarter reconciliations of C-1 changes and drivers? Options: Yes - detailed driver analysis, Yes - high-level summary, No
    • What recipient list and governance review process should the quarterly report follow? Options: CFO + Finance Committee, Risk & Compliance, Board-level distribution, Custom - describe
    • Should we run alternative capital mapping scenarios (e.g., rating agency treatment, state-specific rules)? Options: Yes - include rating agency mapping, Yes - state domicile variations, No - single baseline
    • What timing and sign-off SLA is expected for quarterly C-1 deliverables? Options: 10 business days after quarter-end, 15 business days, Custom - specify
    • Do you require archival of quarterly C-1 reports in a specific format or system? Options: Yes - PDF & CSV stored, Yes - API archival to repository, No preference

    Reconcile Portfolio to Statutory Accounting Books

    • What reconciliation frequency do you require (monthly, weekly, daily)? Options: Monthly, Weekly, Daily, Ad-hoc as requested
    • At what level should reconciliations be performed (security-level, issuer-level, aggregate)? Options: Security-level, Issuer-level, Aggregate only, Security-level with exceptions
    • What tolerance thresholds trigger investigation or escalation (e.g., $ or basis-point thresholds)? Options: $1,000, $10,000, 0.01% of portfolio, Custom - specify
    • What source systems and custodians must be connected for reconciliation?
    • Who is the authorized sign-off for reconciliations and exception closures? Options: Controller, Treasurer, Investment Operations Lead, Other - specify
    • Do you require automated exception workflows and SLA tracking within reconciliations? Options: Yes - automated workflows, No - manual handling

    Execute Duration-Matching Position Adjustments

    • What is your target liability-matching horizon and permitted tracking error? Options: Short-term liabilities (0-3 yrs), Intermediate (3-10 yrs), Long-term (10+ yrs), Specify target duration and TE
    • Which instruments are allowable for duration management (Treasuries, swaps, futures, corporates)? Options: Government bonds, Interest rate swaps, Futures/forwards, Corporate bonds, Other - specify
    • What rebalancing cadence do you prefer for duration adjustments? Options: Monthly, Quarterly, Event-driven only, Custom schedule
    • What maximum transaction cost or turnover constraints should guide duration changes? Options: Max turnover % per month, Max dollar cost per trade, No explicit limit - optimize
    • Are there hedging counterparties or approved swap dealers we must use? Options: Use approved dealer list, Open to competitive quotes, Prefer a subset - list in free response
    • Should duration adjustments be modeled for post-trade C-1 and SAP-basis impacts before execution? Options: Yes - pre-trade modeling required, No - not required

    Administer Admitted Asset Compliance Screening

    • Which domicile states' admitted asset rules must be applied? Options: Single domicile - specify, Multiple domiciles - list in free response, Apply NAIC baseline only
    • Should screening be automated with daily feeds or performed as a periodic manual review? Options: Daily automated screening, Weekly automated, Monthly manual review, Case-by-case manual
    • What exception thresholds or approval workflows should be used for non-admitted positions? Options: Auto-block non-admitted, Flag and route to compliance, Allow with waiver process
    • Do you require mapping of non-admitted classifications to statutory account codes? Options: Yes - mapping required, No
    • Who is responsible for final admissibility determinations (compliance, actuary, investment team)? Options: Compliance, Appointed actuary, Investment team, Joint decision
    • Are there state-specific documentation requirements for admitted exceptions we should prepare for? Options: Yes - list states in free response, No

  5. Mutual Commit

    Finalize commercial and governance terms, SLAs for statutory reporting, data sharing agreements, and responsibilities for capital modeling changes.

    Agreement Modules

    • Statement of Work (SOW)
    • Master Services Agreement (MSA)
    • Investment Management Agreement (IMA)
    • Fee Schedule & Commercial Terms
    • Service Level Agreement (SLA) — Statutory Reporting & C-1 Deliverables
    • Data Sharing & Confidentiality Agreement (DPA/NDA)
    • Custody & Settlement Agreement
    • Regulatory & Compliance Attestation
    • Capital Modeling & Assumptions Confirmation
    • Governance, Roles & Escalation Matrix
    • Change Control & Amendment Process
    • Onboarding & Transition Acceptance Criteria
    • Termination & Exit Plan
    • Indemnity, Liability & Insurance Schedule
    • KYC/AML & Vendor Risk Documentation

  6. Deployment

    Operationalize rollout with readiness checks, enablement, and outcome validation.

    1. Pre-Deployment Readiness

      Confirm data feeds, custodial setups, statutory mappings, actuarial inputs, and risk controls are in place for safe onboarding.

      Readiness Questions

      Quick Alignment: Who's in the Room (and What You Own)

      • Which role will be our primary partner for this engagement? Options: CIO, CFO, Head of Investments, Chief Risk Officer, Appointed Actuary, Board/Investment Committee Chair, Other
      • Briefly describe your mandate for general account and surplus investment management (one sentence).
      • Approximately how much general account + surplus investable AUM will this engagement cover? Options: <$100M, $100M–$500M, $500M–$1B, $1B–$5B, >$5B, Prefer not to say
      • Which legal/statutory entities and lines of business are in scope for potential mandates? Options: Life/annuity statutory GA, P&C statutory GA, Health statutory GA, Surplus/holding company, Separate accounts, Multiple of the above, Other
      • What is your ideal decision timeline for selecting a manager or solution? Options: Immediately (0–30 days), Short (1–3 months), Medium (3–6 months), Long (6–12 months), No set timeline

      Are You Settling for Safe—or Missing Yield That Matters?

      • Do capital and rating constraints currently shape your returns more than active portfolio choices? Options: Yes — constraints dominate decisions, No — we actively optimize within constraints, Unsure / varies by mandate
      • Which NAIC/C-1 or regulatory drivers feel most binding to your team right now? Options: C-1 corporate bond charge, C-1 mortgage/CRE, Non-admitted assets rules, RBC sensitivity to credit downgrades, Rating agency capital models, Internal concentration limits, Other
      • Tell us about a recent opportunity you passed on because of statutory or rating impact—what was it and what stopped you?
      • How frequently do capital constraints force you to alter pricing, reserves, or product terms? Options: Always, Often, Sometimes, Rarely, Never
      • Who on your side typically has final say when a trade-off between yield and RBC/rating arises? Options: CIO, CFO, Appointed Actuary, Board/Investment Committee, Chief Risk Officer, ALCO, Other

      Where You Feel the Squeeze — Stories, Not Spreadsheets

      • What is the single most surprising or recurring issue that shows up on your statutory or capital reports?
      • Describe a recent allocation decision where capital considerations overruled portfolio rationale—what happened and what was the impact?
      • Which asset sectors have you avoided because of perceived statutory/rating pain but now wish you had evaluated more closely? Options: Private placements/loans, Commercial mortgage loans, Structured credit (CMBS/RMBS), Below-investment-grade corporates, Certain alternatives/private debt, Other
      • How does engaging rating agencies or your actuary typically change the conversation about new exposures? Options: Stops most initiatives, Requires revisions but proceeds, Rarely changes outcome, We don’t engage them proactively
      • How well does your current reporting show net-of-capital economics (e.g., net investment income after C-1 impact)? Options: Clearly and consistently, Mostly, with gaps, Poorly — hard to see net-of-capital, Not at all

      Imagine Capital Working For You — Not Against You

      • If statutory capital charges disappeared for a moment, what three changes would you make to your portfolio strategy?
      • What net investment income / SAP book yield improvement would meaningfully change underwriting, surplus targets, or product economics? Options: <25 bps, 25–50 bps, 50–100 bps, 100–200 bps, >200 bps
      • Which RBC/rating outcomes are absolute requirements for you (e.g., RBC ratio floor, minimum rating level)? Options: RBC ratio >400%, RBC ratio 300–400%, Maintain current rating, No downgrade notches allowed, Flexible within plan, Other
      • How do you define success for an external manager beyond headline returns? Options: Net-of-capital yield improvement, Transparent SAP-basis reporting, Stable ALM/duration alignment, Measurable rating neutrality, Reliable custody & operational controls, Other
      • Give an example of a manager capability that would make a previously risky asset class feel acceptable to you.

      What Would Make You Trust a Partner With Your Capital?

      • What single demonstration would convince you to let an external manager influence statutory book yield?
      • Which onboarding deliverables are non-negotiable before any live deployment? Options: SAP-basis performance reporting, C-1 capital charge modeling, NAIC admissibility confirmation, Custody & segregation proof, Actuarial model mappings, Service level agreements
      • Which SLA elements would you require (pick all that apply)? Options: Monthly statutory reporting, Quarterly ALM reconciliation, Rapid incident response (hours), Data feed SLAs (uptime %), Regulatory filing support
      • Describe the worst onboarding or reporting failure you've experienced and what you needed to feel safe again.
      • How would you prefer governance be structured—standing committee role, quarterly reviews, or ad-hoc approval workflows? Options: Standing committee seat, Quarterly governance reviews, Ad-hoc approvals per trade, Annual summarizing governance, Hybrid model

      Where Small Changes Could Produce Big Outcomes

      • What small change—process, reporting, or contractual—do you believe could free up capital or meaningfully lift yield?
      • Have you experimented with capital-aware pricing or C-1-optimized allocations before? What was the outcome? Options: Tried and scaled, Tried but stopped, Conceptually discussed only, Never tried
      • If we could model a 50–100 bps net-of-capital improvement while holding RBC and ratings flat, who would need to sign off internally? Options: CIO, CFO, Appointed Actuary, Board/Investment Committee, ALCO, Rating agency discussion required
      • Which internal systems or teams would be easiest to integrate with (custody, actuarial models, ALM systems, finance)? Options: Custody / trustee, Actuarial (Prophet/AXIS) team, ALM/asset-liability desk, Finance / stat ledger, IT/data team
      • What pilot length and review cadence would feel reasonable to validate economics and controls? Options: 30 days, 60 days, 90 days, 6 months, Other

      Red Flags, Deal-Breakers, and 'Yes' Signals

      • What specific vendor behavior or contract term would make you walk away even if returns looked attractive?
      • Which operational or compliance proofs do you require before deployment? Options: SOC 1/SOC 2 reports, Custody agreements, Third-party audit confirmations, Regulatory filings support, Background checks on portfolio team
      • What pricing, custody, or reporting transparency issues are absolute deal-killers for you? Options: Opaque fees, No custody segregation, Lack of statutory reporting, Unclear capital modeling, Infrequent valuation cadence
      • If we proposed a pilot, what three acceptance metrics would you insist on measuring?
      • How does your appointed actuary want to be engaged during any pilot or early deployment? Options: Full involvement & sign-off, Model review only, Periodic checkpoints, No involvement unless needed

      Getting Practical: Data, Custody, and Timing

      • How confident are you that your current data feeds and custody arrangements support a clean statutory onboarding? Options: Very confident, Somewhat confident, Not confident, Unsure
      • Which data feeds are already automated and accessible for integration? Options: Position-level holdings, Transaction-level activity, Cash flows, Market values/price history, NAIC classifications, None of the above
      • Who currently holds custody for the assets we would manage (be specific if multiple)? Options: In-house custodian, Third-party custodian, Bank trust, Multiple custodians, Not sure
      • What statutory mappings, actuarial inputs, or ledger customizations will require IT or actuarial time to implement?
      • Are there upcoming regulatory exams or rating agency review windows that could affect integration timing? Options: Yes—state exam, Yes—rating review, Yes—appointee audit, No, Unsure

      Next Steps—What Would Make This Worth Trying?

      • Given everything above, what is the smallest, lowest-risk next step you'd accept to test the idea? Options: Desk-level model comparison, Small pilot allocation, Proof-of-concept reporting, Workshop with actuary and rating liaison, Other
      • What internal approvals and timelines should we plan for if you choose to run a pilot?
      • What would you need to see in the first 30–90 days to consider expanding the mandate?
      • Who else on your team should be included in follow-up discussions to move things forward? Options: CIO, CFO, Appointed Actuary, Head of ALM, Head of Operations/IT, Board/Investment Committee Member, Other
      • Is there anything else—political, operational, or cultural—that we should know to design a proposal that can actually get approved?

    2. Deployment Enablement

      Coordinate onboarding tasks, execute integrations, perform compliance screenings, and implement initial portfolios with clear owners and timelines.

    3. Validation Checklist

      Verify SAP-basis performance reporting, C-1 capital outputs, ALM/duration alignment, and reconcile results against acceptance criteria.

      Validation Questions

      Opening: A Quick Snapshot

      • What's the single most important objective you want an external manager to deliver for your general account in the next 12 months? Options: Lift SAP book yield, Protect RBC/rating position, Reduce duration mismatch, Source private assets, Improve statutory reporting, Other
      • Give a one-paragraph description of your current invested general account: size, dominant asset sectors, and any active allocation targets.
      • What are your current SAP book yield and target SAP book yield (numeric or range)?
      • Which of these stakeholders will be most involved in evaluating an asset manager for this mandate? Options: CIO, CFO, Board/Investment Committee, Appointed Actuary, Treasurer, Risk/Capital Officer, Other
      • What is your internal decision timeline for selecting and onboarding an external manager? Options: < 1 month, 1–3 months, 3–6 months, 6–12 months, No set timeline

      Is Your Balance Sheet Really Working for You?

      • If regulating capital and admitted asset rules weren’t the primary constraint, what would you change about your portfolio construction today?
      • Which statutory or regulatory constraints bind your investment choices most tightly right now? Options: NAIC C-1 charges, Admitted asset restrictions, State-specific investment limits, RBC ratios, Reserve valuation rules (SAP), Rating agency capital models, Other
      • What are your current key statutory ratios we should know (e.g., RBC ratio, risk-adjusted surplus, admitted asset concentration thresholds)? Please list values and how recently they were measured.
      • Tell us about a recent investment decision you passed on because of statutory or rating concerns—what was the tradeoff and how did it feel?
      • Which admitted asset rules or NAIC classifications create the biggest practical roadblocks when you try to add yield? Options: Non-admitted treatment, Higher C-1 buckets, Liquidity classification, Collateral/structure complexity, State-specific prohibitions, Other

      Where Are You Quietly Leaving Yield on the Table?

      • How often do you feel your portfolio under-earns relative to peer insurers with similar risk profiles? Options: Regularly (every quarter), Occasionally, Rarely, Not sure
      • Which private or less-traditional sectors have you considered but not pursued—what stopped you? Options: Private placements, Commercial mortgage loans, Private credit, ABS/structured credit, Infrastructure/real assets, Other
      • When you’ve tried to access private assets before, what operational or governance issues caused friction (e.g., custody, valuation, actuarial acceptance)?
      • How important is immediate admitted status versus long-term spread pickup when evaluating a private asset? Options: Admitted status is critical, Prefer admitted but may accept non-admitted for yield, Admitted status not important if capital efficient, Depends on asset and insurer line
      • Describe a time you lost out on a sourcing opportunity—what was the cause and what did it cost you in yield or time?

      What Would It Feel Like to Flip the Script on Capital Impact?

      • What’s the one capital misconception your board or rating agency interlocutors hold that most limits your ability to capture incremental yield?
      • What maximum incremental C-1 or RBC impact would you accept on a marginal allocation if it delivered a specified increase in net investment income? Options: No additional C-1/RBC permitted, < 0.5% RBC impact, 0.5–1.0% RBC impact, > 1.0% RBC impact, Open to scenario-based tradeoffs
      • How do rating agency lenses differ from your statutory view when you evaluate a new strategy, and which view tends to win in practice? Options: Statutory dominates, Rating agency view dominates, Both equally considered, Depends on the issue
      • Share an example where a small shift in pricing or structure materially changed whether a trade was acceptable from a capital perspective.
      • In a downside stress, what capital buffers are you unwilling to let erode (quantify if possible)?

      How Does Reporting Actually Land at the Board?

      • When statutory reporting arrives for investments, what usually causes the most questions or pushback from the CFO or committee?
      • Which of these reporting capabilities are missing or inconsistent in your current manager reports? Options: SAP-basis performance, C-1 capital outputs, Duration/ALM alignment, Security-level reconciliation, Admitted asset mapping, Audit trail/validation
      • How frequently do you need reconciled, board-ready statutory dashboards during evaluation and after onboarding? Options: Weekly, Monthly, Quarterly, Ad hoc for board meetings
      • Describe a reporting error or mismatch that led to an operational issue or delayed decision—what happened and how was it discovered?
      • Would an automated C-1 reconciliation that ties to SAP performance change your willingness to move faster? If so, how? Options: Yes — significantly, Somewhat, Not really, Unsure

      If We Built a Partnership, Where Would the Friction Live?

      • What single onboarding item has historically caused the longest delays with external managers (data, custodial setup, legal, actuarial acceptance, other)? Options: Data feeds/mapping, Custodial/legal integrations, Actuarial inputs/valuation, Compliance/credit screening, Other
      • Which data feeds and frequencies are required for you to consider a manager production-ready? Options: Daily market values, Monthly SAP performance, Quarterly C-1 outputs, Position-level CSV hourly, Other
      • Who on your team would own day-to-day integration and who signs off on final statutory mappings? Please name roles, not individuals.
      • What custodial or legal restrictions must we anticipate (e.g., approved custodian list, vendor security questionnaires, state-specific requirements)?
      • How do you feel about a staged onboarding (pilot assets → scale) versus a big-bang transfer—what would make the staged approach acceptable? Options: Prefer staged, Prefer big-bang, Either with right controls, Unsure

      Who Needs to Sign Off, and How Do Decisions Really Get Made?

      • Who holds veto power on investment strategy changes—list formal approvers and informal influencers.
      • What voting rules or thresholds does your investment committee use to approve new managers or mandate changes? Options: Simple majority, Supermajority (e.g., 2/3), Unanimous, CIO/CFO discretion with notification, Other
      • How long do approvals typically take from first presentation to signed contract, and what are the common bottlenecks? Options: < 2 weeks, 2–6 weeks, 6–12 weeks, > 12 weeks
      • What role does the appointed actuary play in adopting new pricing or asset types, and how do you typically resolve actuarial objections? Options: Major gatekeeper, Advisory role, Occasionally consulted, Not involved
      • Describe a procurement or governance hiccup that nearly stopped a mandate—what would you change to prevent a repeat?

      What Would Success Look Like One Year After Launch?

      • If we met with you in 12 months, which three metrics would prove this partnership was worth it?
      • What net investment income improvement do you consider material relative to your baseline (choose a range)? Options: < 25 bps, 25–50 bps, 50–100 bps, > 100 bps, Not sure
      • How should we measure success on capital outcomes—absolute RBC lift, reduced volatility, improved rating agency commentary, or something else? Options: Absolute RBC lift, Lower RBC volatility, Positive rating agency commentary, Improved surplus sensitivity, Other
      • What operational signals would convince you the partnership is sustainable (examples: timely SAP reports, no reconciliation exceptions, predictable custody flows)?
      • If success requires cultural change inside your firm, what internal resistance are we likely to meet and who will champion the change?

      Small Steps That Unlock Big Moves

      • What is the smallest pilot you would approve to validate an approach (size, asset types, and duration)?
      • Which of these initial deliverables would you require during a pilot before scaling? Options: SAP performance report, C-1 capital analysis, Position-level reconciliation, Duration/ALM dashboard, Valuation audit trail
      • How will you evaluate whether the pilot’s capital outputs are 'good enough'—what acceptance criteria do you want to see?
      • What timeline feels realistic for a pilot to produce meaningful statutory evidence (e.g., 1 quarter, 2 quarters, 6 months)? Options: 1 quarter, 2 quarters, 6 months, Longer than 6 months
      • What would cause you to stop a pilot early? List up to three dealbreakers or red flags.

  7. Success

    Review outcomes against targets (net investment income, RBC/rating impact), document learnings, and maintain a shared channel for issues and enhancements.

    Success Reviews

    • Success Review — Performance vs Targets
    • Lessons Learned Workshop
    • Capital & Rating Impact Deep Dive
    • Enhancement Backlog, Roadmap & Governance
    • Shared Channel, SLAs & Escalation Governance

    Issues & Enhancements

    • Publish the prioritized roadmap with owners, timelines, and acceptance criteria.
    • One-sentence Current State
    • Validate the integrity of capital and rating impact calculations and assumptions.
    • Agree on capital management actions and the timing of any required disclosures.
    • Produce a finalized set of board/committee materials and assign owners for delivery.
    • Update capital models with agreed assumption changes and circulate revised outputs.
    • Prepare board-ready slide deck and narrative for the next governance meeting.
    • Document any agreed rating agency communications and assign an owner.
    • Schedule the follow-up stress test after remediation actions are implemented.
    • Backlog Review
    • Agree an ordered roadmap of enhancements with owners and target delivery windows.
    • Set clear acceptance criteria and KPIs to validate each enhancement’s impact on outcomes.
    • Confirm resource commitments and stakeholder communication cadence.
    • Welcome & Objectives
    • Open project artifacts (tickets, sprint plans) for each approved enhancement.
    • Assign a program manager to track delivery and report progress to governance.
    • Plan training or change-management sessions tied to major releases.
    • Current Channels & Gaps
    • Establish a persistent shared channel with clear purpose, participants, and access controls.
    • Agree and document SLAs for triage, response, and resolution by issue severity.
    • Define escalation paths and governance meeting cadence.
    • Create the shared channel, invite agreed participants, and publish channel guidelines.
    • Document and circulate the SLA matrix and escalation routing map.
    • Schedule recurring governance check-ins and operational KPIs reporting.
    • Set up monitoring/alerting to enforce SLA adherence and surface breaches.
    • Confirm whether NII and SAP yield met the agreed targets and document variance magnitude.
    • Verify the quantified impact on RBC ratios and rating-related metrics.
    • Decide acceptance versus remediation actions and assign owners for outstanding items.
    • Schedule any required follow-up reviews and reporting cadence adjustments.
    • Publish the finalized performance report and variance appendix to the shared channel.
    • Assign remediation owners and deadlines for each identified exception.
    • Update the acceptance checklist with any revised thresholds agreed in the meeting.
    • Schedule a follow-up check-in to verify remediation progress.
    • Recap Outcomes & Objectives
    • Produce a clear, actionable lessons-learned document with root causes and quantifiable consequences.
    • Agree on remediation and preventive actions with named owners and target dates.
    • Convert prioritized learnings into backlog items for the enhancement roadmap.
    • Draft and publish the lessons-learned document in the shared channel within 3 business days.
    • Create enhancement backlog tickets for each agreed improvement and assign owners.
    • Define acceptance criteria for each preventive or corrective action.
    • Schedule a follow-up status checkpoint for remediation progress.
    • Channel Purpose & Access Rights
    • Root Cause Analysis (Breakouts)
    • Prioritization Framework
    • Explicit Consequences
    • Pre-work/Data Validation
    • Model Outputs Review (C-1, RBC, Sensitivities)
    • Rank & Resource Allocation
    • Net Investment Income & SAP Yield Results
    • SLA Definitions
    • Consequence Quantification
    • Define Acceptance Criteria & KPIs
    • Escalation Paths & Governance
    • Scenario & Stress Testing
    • Capital (NAIC/RBC) & Rating Impact Summary
    • Remedies & Preventive Actions Brainstorm
    • Onboarding & Operating Rhythm
    • Roadmap & Communication Plan
    • Consolidate & Validate Learnings
    • Variance Drivers & Exceptions
Explore more templates Use this template
First-Party AI ™

1-2 minutes please — Your AI agent is working

First-Party AI™ can make mistakes. Always check important information.