30 Years of Perr&Knight: What’s Next?

Perr&Knight recently celebrated its 30-year anniversary, and my partner and co-founder, Scott Knight, wrote an excellent blog reflecting on our journey and achievements over the first three decades. In this piece, I’d like to focus on what’s next for Perr&Knight.

Driven by Continuous Improvement

Looking ahead, the next chapter for Perr&Knight will continue to emphasize continuous improvement and innovation in our core technical services, including actuarial consulting, analytics, regulatory compliance, product design, and statistical reporting. We will also scale up efforts in our risk strategies services, where we assist clients with holistic and multi-disciplined approaches tailored to their unique challenges and opportunities. We will continue to introduce new services centered around information technology and artificial intelligence. And finally, we will roll out PK1Cloud—Perr&Knight’s cloud-based ecosystem that unifies all our SaaS solutions within one secure and integrated platform.

Our Greatest Asset: Still Our People

To achieve our ambitious vision, first and foremost, we’re prioritizing investments in staff development and recruitment. Recognizing that our people are our greatest asset, we remain committed to fostering talent through ongoing training, professional development programs, incentive-based compensation, and leadership opportunities. By recruiting highly qualified individuals and supporting professional growth throughout Perr&Knight, we ensure our team is well-equipped to meet evolving client needs and industry demands in a rapidly changing technological environment.

Guided by Experience & Feedback

We remain acutely dedicated to incremental improvements in our existing services. Leveraging our team’s extensive industry experience and invaluable client feedback, we are continually refining our offerings to enhance accuracy, efficiency, and value. These incremental enhancements, which compound exponentially over time, ensure we remain at the forefront of industry best practices and consistently deliver reliable and innovative solutions.

New Areas of Expertise

We are excited to introduce new areas of expertise, notably our AI consulting practice. Recognizing the transformative potential of artificial intelligence, we aim to assist our clients in leveraging practical AI technologies to drive operational efficiency, improve compliance, and secure competitive advantages. Our AI consulting services will guide clients through strategy development, technology integration, and ongoing AI-driven enhancements.

Introducing PK1Cloud

Our most ambitious endeavor ever is the introduction of PK1Cloud: our scalable, secure, and integrated cloud-based platform. PK1Cloud incorporates a proprietary central data model along with data validation and editing tools, robust analytics, natural language AI-enabled automation and reporting, and seamless integration with our regulatory and commercial insurance system partners.

Imagine the productivity gains achieved by using a highly automated state filings solution with AI-powered actuarial and product design modules. These modules will access state insurance codes to ensure compliance and other industry data, integrate with the NAIC’s SERFF system, and link with our clients’ policy and rating systems to enable no-touch or minimal-touch rate table and policy form updates upon regulatory approval.

This feature is just one part of what we are presently building as part of Perr&Knight’s PK1Cloud initiative. Other applications include statistical reporting, actuarial reserving, and advanced actuarial ratemaking—all accessible within a single, integrated ecosystem.

Reinforcing Our Unshakable Foundation

Alongside all our improvements and innovations, we remain deeply committed to reinforcing our corporate cultural foundation, which is the bedrock upon which Perr&Knight is built. This includes ensuring all engagements align with our core values, maintaining a balanced approach to work-life integration, and most of all, adhering to the integrity that our employees and clients have come to expect from Perr&Knight.

The vision for Perr&Knight’s future is bold, innovative and guided by the foundational principles that have brought us this far in 30 years. Together with the Perr&Knight team, I am confident that we will continue to develop exceptional talent, innovate, and set new benchmarks for excellence in the insurance consulting industry, extending Perr&Knight’s success well into the future.

Contact the actuarial consulting and insurance product development experts at Perr&Knight today.