Getting Comfortable: A Quick Snapshot

• Please tell us your role and the single most important outcome you want from this engagement.
• Which best describes your organization? Options: Regional P&C carrier, National P&C carrier, Life insurer, Health insurer, Reinsurer, Mutual insurer, Other
• Which lines of business should we be focused on for reserving and reporting? Options: Personal Auto, Commercial Auto, General Liability, Workers' Comp, Property, Professional Liability, Life, Health, Other
• How do you currently use external actuarial partners—intermittently for opinions, ongoing support, or for specific filings? Options: Quarterly/annual SOAO only, Rate filings only, Ongoing reserving support, Capital/ORSA support, Ad hoc projects (M&A, litigation), We don't use external partners
• Briefly describe one recent project with an external firm that went well or poorly—what stood out and why?

Is Your Reporting Really Telling the Whole Story?

• When you review your reserve results, what uncomfortable gaps or recurring surprises do you find yourself avoiding in conversations with auditors or the board?
• Have auditors or regulators ever challenged a key assumption or methodology in the last three years? Options: Yes — multiple times, Yes — once, No, Not sure
• How confident are you in the defensibility of your current selected reserves on a 1–5 scale? Options: 1 — Not confident, 2 — Low, 3 — Moderate, 4 — High, 5 — Very high
• Tell us about a specific reserve or reporting moment that caused stress—what happened, who pushed back, and how was it resolved?
• Which external reviews or stakeholders give you the most anxiety around reserve reporting? Options: External auditors, State regulators, Rating agencies, Board audit committee, Executive management, Reinsurers

Who Holds the Mic When Numbers Matter?

• If one key reviewer (e.g., appointed actuary or CFO) were suddenly unavailable during close, how fragile would your sign‑off or filing process become? Options: Critical — process halts, Strained but continues, Minimal impact, We have formal backups
• List the decision-makers who must approve reserve selections, rate filings, or capital results (include titles and the nature of their authority).
• Which parties outside the actuarial team must be engaged for final sign-off or communication? Options: CFO, External auditors, Board / Audit committee, Head of Risk/ORSA, Chief Legal Officer, Regulatory contacts
• How do you prefer external consultants to interact with your internal reviewers—direct collaboration, stealth support through a lead, or formal handoffs? Options: Direct collaboration, Work through a lead actuary, Prepare materials only, then present, Other
• Describe one time when governance or unclear reviewer roles delayed a filing or audit—what was the downstream impact?

Where the Data Feels Fragile

• How often does missing, late, or messy data derail an otherwise agreed analysis? Options: Almost every time, Often, Occasionally, Rarely, Never
• Which of these data types are readily available and validated in your environment? Options: Paid loss triangles, Incurred loss triangles, Claim-level files, Policy/Exposure data, Premium/policy history, Claims reserves snapshots
• What format and cadence do you typically provide data to external partners (e.g., nightly extracts, quarterly snapshots, API, secure file drop)? Options: Secure SFTP extracts, API access, Quarterly CSV/Excel snapshots, Ad hoc secure uploads, Other
• Are there common reconciliations or transformations we should expect (e.g., paid vs. case reserve rollforwards, reinsurance passes, reporting currency conversions)? Please list the top three.
• Who owns the canonical data sources and who will be our day-to-day contact for data questions?
• Do confidentiality, security, or system-access constraints limit the level of claim‑level detail we can see? Options: Yes—significant constraints, Some constraints, No constraints, Unsure

If Time Was the Enemy, Where Does It Hurt Most?

• Which deadline causes the most stress: quarterly close, statutory filing, rate filing cutoff, or audit review—why? Options: Quarterly close, Statutory filing, Rate filing deadline, Audit fieldwork, Other
• How many business days do you realistically have from receiving draft results to final internal sign-off during a peak close? Options: 1–2 days, 3–5 days, 6–10 days, More than 10 days
• Would you prefer a cadence of early checkpoints with draft ranges, or a single consolidated delivery closer to the deadline? Options: Early iterative checkpoints, Single consolidated delivery, Hybrid — milestone drafts
• Have you ever missed a filing or materially delayed an audit because of external vendor timing? Tell us what happened.
• What are acceptable SLAs for draft notes, selected reserve numbers, and final opinion delivery relative to your close date?

What Independence Constraints Are Silently Steering Your Choices?

• Would a closer advisory relationship with an external firm risk violating auditor independence or internal conflict policies as you understand them? Options: Yes — significant risk, Possible risk, No risk, Unsure
• Who are your current external auditors and are there known restrictions on consultants they allow to provide actuarial services?
• Are there internal staff or functions we cannot co-locate with or assign as reviewers because of regulatory or audit independence rules? Options: Yes — list roles, Some restrictions, No restrictions, Unsure
• Have independence concerns ever caused a prior engagement to be restructured or re-signed? If so, what changed?
• What disclosures, conflict-of-interest statements, or separation controls would you expect from us upfront? Options: Signed independence letter, Restricted staff lists, Separate reporting lines, No special disclosures, Other

What Does Success Look Like—Beyond a Number?

• If we deliver a reserve opinion and reports that satisfy auditors and regulators, what evidence would you show your board to prove the engagement changed outcomes?
• Which deliverables are must-haves for you (select all that apply)? Options: Statement of Actuarial Opinion, Reserve selection memo, Triangle exhibits & diagnostics, Claim-level model outputs, Stochastic range and percentiles, Rate filing support package, Board presentation slides
• What acceptance criteria will you use to sign off on our work (e.g., reconciliation tolerances, peer review signoff, audit feedback cleared)?
• How important is rehearsal or dry‑run coaching for board/audit/regulator presentations? Options: Critical — must rehearse, Helpful but optional, Not needed
• After the engagement, what follow-up or ongoing support would feel most valuable—periodic check-ins, on-call advisory, handover docs, or model transfer training? Options: Periodic check-ins, On-call advisory, Handover documentation & training, Model transfer & deployment, None
• What single metric or outcome would make you say this engagement was a clear success?

• Current State & Consequence Alignment
• Reserve Selection Scenario Walkthrough
• Rate Level Impact & Filing Communication Workshop
• ORSA Stress Results & Capital Implications Review

• Customer to provide confirmed data extracts, sample files, and independence constraints by agreed date.
• List requested additional analyses (e.g., alternate tail assumptions, claim-level recalibration) identified during validation.
• Provide a one-page 'auditor talking points' sheet summarizing rationale and data sources for the selected reserve.
• Recap current state & target outcomes
• Validate the rate scenarios and confirm quantitative impacts on financials.
• Agree the content and structure of the regulatory filing and supporting exhibits.
• Confirm timeline and owners for finalizing the filing to meet regulatory deadlines.
• Ensure the filing narrative aligns with auditor expectations to avoid surprises at audit review.
• Produce a draft rate filing package (narrative, exhibits, sensitivity tables) for internal review.
• Coordinate with compliance/legal to finalize regulator-facing language and confirm any required certifications.
• If needed, schedule a pre-filing call with the regulator and prepare slidedeck summarizing impacts.
• One-line recap: problem, consequence, future state
• Confirm stress scenario design and assumptions are appropriate and accepted by the customer.
• Agree the capital impact, recovery pathways, and management action triggers to include in ORSA disclosure.
• Document required ORSA exhibits and auditor/regulator narratives for inclusion in the final ORSA report.
• Identify follow-up sensitivity analyses needed to close any remaining uncertainty.
• Produce ORSA stress result slides, narrative, and appendix tables for regulator and auditor review.
• List and define management actions and quantitative trigger thresholds for inclusion in the ORSA.
• Run additional sensitivity runs on the top two uncertain assumptions and deliver results.
• Produce and have customer verbally confirm a single-sentence current state.
• Quantify the business/regulatory consequences of the current state sufficiently to create urgency.
• Agree a one-sentence future-state outcome that scenario proofs must demonstrate.
• Confirm data availability, timing constraints, and independence rules required for analysis.
• Set owners and pre-work for the scenario walkthrough meetings.
• Document the agreed one-sentence current state, consequence statement, and future-state sentence; circulate for written confirmation.
• Introductions & Objectives
• Identify decision-makers and sign-off roles (actuary, CFO, auditor touchpoints) and list contact points.
• Brief Recap: State, Consequence, Future
• Confirm the logic and defensibility of the selected reserve and its sensitivity to key assumptions.
• Agree the specific deliverables (reserve memo, exhibits, sensitivity tables) required by auditors and regulators.
• Surface any remaining data or model gaps that would change the selection or narrative.
• Obtain customer confirmation that the demonstrated output proves the agreed future state.
• Prepare a draft reserve memo and table set (indications, selected, sensitivities) for auditor/regulator review.
• Customer Current State (crystal clear)
• Stress Design & Assumptions (diagnosis)
• Rate Level Scenarios & Financial Impacts (proof)
• Indicated Reserve Outputs (diagnosis)
• Stress Results & Capital Impact (proof)
• Consequence Quantification
• Selected Reserve Rationale (proof)
• Reserve and Capital Interaction (tie back)
• Filing Package & Narrative Walk-through (diagnosis -> proof)
• Define Future State (one sentence)
• Stochastic Ranges & Capital Impact (proof)
• Management Actions & Trigger Points (tie back & validation)
• Auditor/Regulator Communication Mapping (tie back)
• Data, Constraints & Independence Check
• Validation & Filing Milestones
• Validation & Next Steps
• Validation Checkpoint (force validation)
• Confirm Scenario Roadmap & Prep Work

• Prepare Statement of Actuarial Opinion
• Generate Paid and Incurred Reserve Triangles
• Produce Stochastic Reserve Simulation Results
• Develop Individual Claim-Level Reserve Model
• Generate Reserve Rollforward and Reconciliation Schedules
• Draft State Rate Filing Package
• Produce Rate Level Indications and Relativity Tables
• Calibrate Predictive Pricing Model and Deliver Scorecards
• Run ORSA Scenario Capital Model and Report
• Build Economic Capital Model and Allocation Results
• Perform Regulatory Stress Tests and Sensitivity Analyses
• Prepare Actuarial Expert Report and Testimony

Prepare Statement of Actuarial Opinion

• What type(s) of actuarial opinion do you require? Options: NAIC/Statutory SAO, Internal management opinion, Audit support opinion, Regulatory filing opinion, Other (please specify)
• Which lines of business should the opinion cover? Options: Personal Auto, Commercial Auto, Workers' Compensation, Homeowners, Commercial Property, Life, Health, Other (please specify)
• Do you require separate opinions for paid vs incurred reserves or a single combined opinion? Options: Paid reserves only, Incurred reserves only, Both - separate opinions, Both - combined opinion
• Who are the primary external stakeholders that will review the opinion (auditors, regulators, rating agencies, board)? Options: External auditors, State regulators, Rating agencies, Board / Audit Committee, Other (please specify)
• What is the target delivery date for the opinion and any interim drafts (include quarter-close or filing deadlines)?
• Are there independence or peer-review documentation requirements tied to your auditor/regulator? Options: Yes - strict independence required, Yes - documentation only, No specific constraints, Unsure (need guidance)

Generate Paid and Incurred Reserve Triangles

• What reserve triangle types do you need produced? Options: Paid cumulative, Incurred cumulative, Paid incremental, Incurred incremental, Both paid and incurred
• What historical development period (months/quarters/years) should triangles cover? Options: 12 periods, 24 periods, 36 periods, 48+ periods, Custom - specify
• At what segmentation levels are triangles required (LOB, state, coverage, policy year)? Options: Company total, Line of business, State/territory, Coverage/segment, Product level, Other (please specify)
• Do you have a preferred method(s) for standard triangle projections (e.g., Chain-Ladder, Bornhuetter-Ferguson, Cape Cod)? Options: Chain-Ladder, Bornhuetter-Ferguson, Cape Cod, Average development factors, Custom or proprietary method, No preference - advise
• Are there known data quality issues or mapping considerations we should account for when generating triangles? Options: Yes - missing rows, Yes - inconsistent coding, Yes - timing shifts, No known issues, Unsure
• Which output formats do you require for triangles and supporting tables? Options: Excel workbooks, PDF summary reports, CSV extracts, Database load (parquet/SQL), Visualization dashboards

Produce Stochastic Reserve Simulation Results

• Which stochastic outputs are required (percentiles, mean, full distribution, scenario paths)? Options: Mean and standard error, Percentiles (P50/P75/P90/P99), Full empirical distribution, Scenario path outputs, Tail risk metrics (TVaR)
• What simulation scale is desired (number of iterations) and computational limits? Options: 5,000, 25,000, 100,000, Other (please specify)
• Should stochastic models incorporate parameter uncertainty, process variability, or both? Options: Process variability only, Parameter uncertainty only, Both parameter and process uncertainty, Unsure - please advise
• Do you need correlated simulations across lines of business or geographies? Options: Yes - across LOBs, Yes - across geographies/states, No - independent per segment, Unsure
• Are specific confidence limits or capital percentiles required for downstream models (e.g., ORSA, economic capital)? Options: P90, P95, P99, TVaR at specified level, Custom (specify)
• Which deliverables do you want for stochastic results (tables, visuals, narrative, inputs for capital models)? Options: Detailed tables, Tail and percentile plots, Executive summary narrative, Data extracts for capital models, Model validation documentation

Develop Individual Claim-Level Reserve Model

• Do you have claim-level extracts available for model development? Options: Yes - standardized schema, Yes - custom schema, Partial extracts, No - only aggregate data
• What claim attributes are available (report date, payment dates/amounts, reserve, claim type, adjuster notes)?
• What reserving approach is preferred at claim level (stochastic case reserving, frequency-severity, micro-level simulation)? Options: Stochastic case reserving, Frequency-severity models, Micro-simulation of case evolution, Hybrid approach, No preference - recommend
• Are there large-loss or coverage drivers that require special treatment or segmentation? Options: Cat exposure, Large claim cap/attachments, Legal/coverage complexity, No special drivers
• Are privacy/PII constraints or redaction requirements in the claim data? Options: Yes - PII redaction required, Yes - limited identifiers allowed, No restrictions, Unsure - legal to confirm
• Do you require model documentation, validation tests, and code notebooks for reproducibility? Options: Yes - full documentation and code, Summary documentation only, Validation report only, No documentation required

Generate Reserve Rollforward and Reconciliation Schedules

• Which cadence is required for rollforwards (monthly, quarterly, annual)? Options: Monthly, Quarterly, Annual, Custom reporting cadence
• Do rollforwards need to reconcile to general ledger or statutory accounts? Options: Yes - GL reconciliation, Yes - statutory reconciliation, Both GL and statutory, No reconciliation needed
• What level of granularity is required for reconciliation (company, LOB, state, product)? Options: Company total, Line of business, State/territory, Product level, Other (specify)
• Should rollforwards separate change drivers (development on prior years, recent emergence, parameter changes, prior case reserve changes)? Options: Yes - full driver breakdown, Yes - high-level drivers only, No - single net change
• Do you require narrative explanations and management commentary for material movements? Options: Yes - detailed commentary, Yes - executive summary only, No commentary required
• What output formats and delivery method do you prefer for rollforwards and reconciliation schedules? Options: Excel with drilldowns, PDF report, CSV extracts for upload, Dashboard view

Draft State Rate Filing Package

• Which states and jurisdictions require filings (list states and effective dates)?
• Which filing components are needed (actuarial memo, exhibits, SERFF forms, supporting data tables)? Options: Actuarial memo, Exhibits and worksheets, SERFF forms, Loss cost exhibits, Other (specify)
• Do you require actuarial justification for rate changes and supporting analysis by territory/class? Options: Yes - territory and class level detail, Yes - company level only, No
• Are there state-specific form templates or prior filing precedents we should follow? Options: Yes - templates available, Yes - precedents to review, No - need us to prepare
• Do you want us to prepare filing-ready PDFs and data submissions or only supporting analyses? Options: Full filing package (PDFs & data), Supporting analyses only, Both
• Are rate changes intended to be phased in or effective immediately? Options: Immediate effective date, Phased implementation, Pilot/limited rollout, Other (specify)

Produce Rate Level Indications and Relativity Tables

• What exposure base and experience period should be used for indications (exposure, premiums, policies; last 12/24/36 months)? Options: Exposure (earned exposures), Premiums, Policies/units, Custom (specify)
• At which segmentation levels do you need relativity tables (class, territory, vehicle type, rating tier)? Options: Class, Territory/state, Vehicle type, Rating tier/credit, Other (specify)
• Should indications incorporate trending and trend uncertainty (severity/frequency/trend to ultimate)? Options: Yes - include trending, No - use raw experience, Yes - include trend uncertainty
• Do you require credibility weighting against company or industry benchmarks? Options: Company-only, Blend with industry benchmark, Fully credibility-weighted, No credibility adjustments
• What output formats do you prefer for relativity tables and indications (Excel, CSV, downloadable model)? Options: Excel workbooks, CSV data extracts, Interactive dashboard, PDF summary
• Are there regulatory limits or prior-approved relativities we must respect in preparing indications? Options: Yes - regulatory caps/limits, Yes - prior approved relativities, No constraints, Unsure

Calibrate Predictive Pricing Model and Deliver Scorecards

• Which modeling techniques are acceptable or preferred for pricing (GLM, GBM/Boosting, Random Forest, Neural Nets)? Options: GLM, Gradient boosting (e.g., XGBoost/LightGBM), Random Forest, Neural Networks, Other / ensemble
• What target variable(s) should the model predict (frequency, severity, pure premium, claim counts)? Options: Frequency, Severity, Pure premium, Loss cost, Claim counts, Other (specify)
• Do you have a preferred train/validation/test split or cross-validation approach? Options: Time-series split, Holdout test set, K-fold cross-validation, Custom - specify
• What model governance artifacts do you require (scorecards, PSI/KS metrics, feature importance, model docs)? Options: Scorecards and coefficients, Performance metrics (AUC, Gini, PSI), Feature importance and partial dependence, Full model documentation and code
• Are there constraints on predictor variables (e.g., regulatory restrictions, no use of protected classes)? Options: Yes - regulatory constraints, Yes - internal policy constraints, No constraints, Unsure
• Do you want deployment-ready artifacts (API, Scoring tables) or only development outputs? Options: Deployment-ready (API/scorecards), Scoring tables only, Development outputs and docs only, All of the above

Run ORSA Scenario Capital Model and Report

• What capital definition should ORSA use (regulatory capital, economic capital, rating-agency metrics)? Options: Regulatory capital, Economic capital (EC), Rating agency metric, Multiple definitions
• What time horizon is required for ORSA (1-year, 3-year, multi-year projections)? Options: 1-year, 3-year, 5-year, Custom (specify)
• Which scenario types should be included (baseline, adverse, extreme, reverse stress)? Options: Baseline, Adverse, Severe/Extreme, Reverse stress, Custom scenarios
• Do you require integration of stochastic reserve outputs or claim-model paths into the ORSA capital projection? Options: Yes - integrate stochastic reserves, No - deterministic reserves only, Partial integration (summary stats)
• Is a board-ready ORSA narrative and slide deck required? Options: Yes - full board package, Yes - executive summary only, No - internal use only
• Do regulators or rating agencies expect specific scenario calibrations or documentation? Options: Yes - regulator-specified, Yes - rating agency preferences, No specific expectations, Unsure

Build Economic Capital Model and Allocation Results

• Which risk measure should the economic capital model target (VaR, TVaR/Expected Shortfall, other)? Options: VaR (specify level), TVaR / Expected Shortfall, Tail conditional metrics, Other (specify)
• What confidence level (e.g., 99.5%, 99%) should be used for capital calculation? Options: 99%, 99.5%, 99.9%, Custom (specify)
• How should risks be aggregated (correlation matrix, copula, scenario aggregation)? Options: Correlation matrix, Copula-based aggregation, Scenario-based aggregation, Hybrid approach
• Do you need capital allocation to lines of business, products, or business units? Options: LOB-level allocation, Product-level allocation, Business unit allocation, No allocation required
• Are market-consistent inputs (yield curves, economic scenarios) required for economic capital? Options: Yes - market-consistent, No - actuarial assumptions, Hybrid
• Which deliverables are needed (allocation tables, waterfall charts, sensitivity analysis, model documentation)? Options: Allocation tables, Waterfall charts, Sensitivity/what-if analysis, Full model documentation

• Non-Disclosure Agreement (NDA)
• Master Services Agreement (MSA)
• Statement of Work (SOW)
• Fee Schedule & Payment Terms
• Actuarial Independence & Conflict Attestation
• Sign-off & Governance Plan
• Milestone Schedule & Reporting Deadlines
• Data Access, Security & Privacy Agreement (DPA)
• Deliverables, Acceptance Criteria & Quality Assurance
• Model Ownership, Intellectual Property & Reuse Rights
• Change Order & Scope Amendment
• Professional Liability, Insurance & Indemnity
• Regulatory & Auditor Communication Protocol
• Termination, Transition & Data Return Plan

• Final Opinions & Reports Confirmation
• Board / Audit Committee Rehearsal
• Regulator & External Auditor Readout
• Lessons Learned & Follow‑on Governance

• Distribute the final report to the agreed distribution list and log delivery confirmation.
• Ensure presenters deliver a unified, concise message aligned to board priorities.
• Prepare and validate robust, defensible answers to likely and high‑risk questions.
• Agree on which backup exhibits and data will be available on short notice.
• Finalize the slide deck and produce a one‑page executive summary for the board.
• Prepare a question‑and‑answer script with owner assignments for each likely topic.
• Package and label backup exhibits for quick access during the meeting.
• One‑sentence Current State
• Demonstrate that methodologies and validations support the reported conclusions.
• Obtain regulator/auditor confirmation on sufficiency of evidence or a clear list of outstanding items.
• Agree on timing and format for any required follow‑up or remediation items.
• Deliver the finalized evidence package and confirm receipt with regulator/auditor contacts.
• Log and assign responses for any follow‑up questions with deadlines and owners.
• Schedule a targeted follow‑up call if regulators/auditors request clarifications.
• Brief Current State & Engagement Outcome
• Document concrete lessons learned and prioritize 3–5 process improvements with owners.
• Establish a shared channel, access rules, and SLAs for post‑engagement inquiries and rework.
• Agree on checkpoints to monitor implementation of improvements and close outstanding items.
• Create an improvement backlog with owners, priority, and due dates and share it in the agreed channel.
• Provision shared workspace access, publish contact list, and formalize SLAs and escalation paths.
• Schedule the 30/60/90 day implementation review meetings and invite stakeholders.
• Secure formal sign‑off on the final statements of actuarial opinion and supporting reports.
• Ensure all wording and assumptions align with audit and regulatory expectations.
• Confirm the evidence package and version control so auditors can reproduce conclusions.
• Identify and assign any remaining open items with owners and deadlines.
• Produce final PDF reports with signatures and append version control metadata.
• Compile and hand over the evidence package (data lineage, model runs, validations) to auditors.
• One‑sentence Current State
• Document any unresolved items and publish the escalation plan with owners and deadlines.
• One‑sentence Current State
• Explicit Consequence Summary
• Audience & Consequence Framing
• Regulatory / Audit Consequence Overview
• What Went Well
• Methodology & Validation Proofs
• What Could Be Improved (Root Cause Focus)
• Review of Final Opinions & Wording
• Executive Slide Deck Run‑through
• Actionable Improvements, Owners & Timelines
• Crosswalk to Acceptance Criteria and Deliverables
• Evidence Package Walkthrough
• Tough Questions Role‑play
• Shared Channel Setup & SLA Definition
• Sign‑off, Version Control & Distribution
• Acceptance Criteria & Follow‑up Requests
• Communication Calibration
• 30/60/90 Day Checkpoints
• Next Steps for Presenters
• Open Issues & Escalation Plan
• Agreement on Communication & Timing