PerspectivesGlobal risk management survey, eighth edition
Setting a higher bar
Actuarial and insurance
Managing the increasing demands of the insurance industry
The insurance industry is constantly evolving – there’s ever-increasing competition, regulatory requirements, product complexity and economic uncertainty. This has led to a growing demand for actuarial consulting services globally. Our actuarial practice provides a wide range of services to help your organization manage these demands.
How we can help
Our actuarial and insurance solutions practice in Ireland has grown in recent years and is now one of Ireland’s leading actuarial service providers. Our team of actuarial professionals provide expertise and advice to life and non-life insurance and reinsurance companies operating in both the domestic and international markets. Our senior actuaries have a blend of consulting and industry experience including considerable experience of operating at leadership level with a diverse range of insurance and reinsurance companies.
What sets us apart from our competitors are the close associations we have with our colleagues in enterprise risk services, audit, management consulting, tax, corporate finance and corporate and legal services, which enables us to develop end-to-end solutions for our clients.
As part of one of the world’s largest actuarial practices, we have access to over 800 actuarial professionals worldwide which ensures that we can secure the specialist knowledge and expertise our clients require.
Our services span all phases of an insurer’s development and, at each stage of our clients’ life cycles; we offer a full range of actuarial services including:
Revenue generation and analytics
Data opportunities and tougher market conditions are driving the need for the insurance industry to look at data analytics. Using data intelligently, an insurer can extract insights that guide decision-making and achieve better results at every point of the customer lifecycle, from market segmentation, pricing, cross selling, adding customer lifetime value and retention modelling.
Analytics uses advanced statistical techniques to analyse large quantities of internal and external information to unlock previously unknown, but meaningful, business relationships allowing clients to significantly improve profitability. Analytics has a wide range of applications including:
Due to come into effect on an “interim measures” basis on 1 January 2014, Solvency II aims to implement solvency requirements that better reflect the risks that companies face and deliver a supervisory system that is consistent across all member states.
The challenge of preparing for and implementing Solvency II calls for a multi-disciplinary approach. At Deloitte, we are able to provide the required breadth of service expertise that ensures all aspects of Solvency II requirements and opportunities are considered and we can support you through the entire process by providing services including:
Risk management services
Following the global financial crisis, the focus on improved risk management has been growing. Whilst changes have been implemented, Deloitte’s 8th global risk management survey revealed that there are still significant opportunities for (re)insurers and other financial institutions to strengthen their risk management processes.
With our expertise, we can help your company keep on top of emerging changes in regulation and developments in risk management practices across the market.
Our actuarial and risk professionals can help:
Traditional actuarial services
The insurance industry is constantly evolving – there’s ever-increasing competition, regulatory requirements, product complexity and economic uncertainty. Our actuarial practice provides a wide range of services to help your organisation manage these demands. We’re a team of experienced actuarial professionals dedicated to adding value to our clients’ organisations through practical, timely solutions. Our topical market knowledge of the insurance industry, our actuarial background and knowledge of the financial framework and accompanying processes helps our clients achieve their goals.
Our services include:
Market entry / exit and restructuring
By combining our skills with those of our corporate finance and Legal colleagues, we can advise insurance and reinsurance companies seeking to enter the Irish market on the:
By combining our skills with those of our Management Consulting colleagues, we bring solutions to our insurance clients that improve the operational efficiency and effectiveness of their businesses, through:
IFRS 4 Phase II
IFRS 4 Phase II aims to introduce a single IFRS accounting model for all insurance contracts that is transparent and aligned as much as possible with the general IFRS accounting of other industries.
The changes proposed will affect the manner in which insurance profits are realised over the life of a contract, which (re)insurers need to understand because:
IFRS 4 Phase II provides (re)insurers with general principles and flexibility on their implementation. Therefore, the choices that the (re)insurer makes will impact how profits are released over the life of a contract. At Deloitte, we can enable you to: