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Actuarial Practice

Conversation with a Co-Founder(3 min read)

In the dynamic world of actuarial modeling, innovation is key to staying ahead of the curve. With the emergence of SLOPE, a new player in the field, we’re witnessing a seismic shift in how actuaries approach their work. We sat down with Andy Smith, Co-Founder and CEO of SLOPE, to explore the driving forces behind the platform and its vision for the future.

A Quest for Efficiency

For Andy, the journey to founding SLOPE began with frustration—a sentiment shared by many in the actuarial space. Working with existing platforms left him feeling hindered, unable to fully utilize his skills and creativity. From cumbersome onboarding processes to the limitations of existing capabilities, Andy saw an opportunity to build something better—a platform designed with efficiency and flexibility at its core.

“For me, it’s always been a vision of: I want to have the easy button, and I want it to just work when I want to do something,” Andy shares. “To create something better for me and those that I worked with to do this kind of work.”

With this mission driving him forward, Andy embarked on a journey to revolutionize actuarial modeling, laying the foundation for what would become SLOPE.

Embracing the Cloud-Native Approach

One of the key distinguishing factors of SLOPE is its cloud-native approach. Unlike traditional platforms that rely on outdated infrastructure or clunky on-premise solutions, SLOPE was born in the cloud, harnessing its full potential from the outset.

“It’s not good enough to just take the programs and applications that you have and put them on a cloud server. All you’re doing is taking it off of your computer and you’re putting it on someone else’s computer to run at that point,” Andy points out.

“To really be able to take advantage of what is available today from a cloud technology standpoint requires a reworking of the whole core inner workings of an application.”

This cloud-native architecture offers numerous advantages, including:

  • Scalability: SLOPE can seamlessly scale resources based on demand, ensuring optimal performance at all times.
  • Flexibility: Users can access SLOPE from anywhere, at any time, without being tied to a specific location or device.
  • Cost-effectiveness: By eliminating the need for costly hardware investments and maintenance, SLOPE offers a more affordable solution for actuaries.

Tailored Solutions for Forward-Thinking Companies

While SLOPE is designed to meet the needs of actuaries across various industries, certain types of clients have particularly embraced its vision. Andy highlights two key groups that have found immense value in SLOPE:

Agile, Forward-Thinking Organizations: Companies that prioritize innovation and technology have been quick to adopt SLOPE. With its cloud native infrastructure and open design, SLOPE aligns perfectly with the ethos of these organizations, enabling them to leverage cutting-edge tools and capabilities to drive their business forward.

A typical SLOPE customer, post-platform conversion

Pricing and In Force Management Teams: Within these organizations, teams responsible for pricing and risk management have found SLOPE to be an invaluable asset. SLOPE’s flexibility and ease of use empower these teams to analyze results quickly and improve their cycle time, allowing them to make more informed decisions and mitigate risks efficiently and effectively.

While SLOPE caters to a wide range of clients, its ability to meet the specific needs of these forward-thinking organizations sets it apart in the competitive landscape.

Looking Towards the Future: Embracing Change and Innovation

As the actuarial profession continues to evolve, Andy paints a positive picture about the future of the actuary. While there is an increasing demand on the actuary, he sees the opportunity to grow through them,

“These are opportunities for companies to do better to better understand their own business as part of this, but they have to be willing to change the way that they’re doing things. We can’t continue to work today in the same way actuaries did 30 years ago. We have to continue to grow as an actuarial practice and as an industry to take advantage of what’s out there to really enable us to meet those needs, and honestly to exceed them.”

With a relentless commitment to improvement and a spirit of curiosity, Andy and the team at SLOPE are poised to lead the industry into a new era of actuarial work—one defined by efficiency, flexibility, and endless possibility.

You can watch the entire interview with Andy Smith here: