-	Insurance (including general insurance and life insurance companies)

Solutions

Insurance

Actuarial services for insurance companies (including general insurance and life insurance companies)

  • High-quality audit support, including the assessment of applied methodologies and the levels of technical provisions under IFRS and Local GAAP
  • Conducting independent audit reviews

Audit support

  • Actuarial support of M&A deals including valuations of sales targets and preparation of due diligence reports
  • Projection of liabilities and costs based on different scenarios of the company’s activity and actuarial assumptions
  • Support to both buyers and sellers
  • Post M&A-related services
     

Mergers and acquisitions

  • Analysis and/or development of applied reserving methodologies
  • Review/independent valuation of reserves required under IFRS and local regulatory requirements
  • Stochastic reserve modelling
  • Establishing and benchmarking various actuarial parameters applied for reserve estimation: loss ratios, claim handling cost ratios, survival rates etc.
  • Contract classification as Insurance or Investment under IFRS 4
  • Sensitivity analysis of liabilities to parameters which affect the liabilities estimates
  • Liability adequacy testing (LAT analysis)

Reserve assessment

  • Development of pricing models using a variety of pricing approaches, including General Linear Modelling, low frequency/high severity models to achieve the desired financial results
  • Benchmarking of pricing levels against the market

Tariff modelling and optimisation

  • New product development and optimisation of existing insurance portfolio
  • Product benchmarking: identifying the differences between your company and the market and indicating necessary steps for product modification to stay competitive
  • Profit testing of group and individual insurance LoBs

Development of new insurance products

  • Development and implementation of actuarial IT including solutions based on SunGard iWorks Prophet for life insurance companies
  • Implementation of specialised actuarial software for general insurance companies, which provides a comprehensive set of facilities required to carry out a full reserving analysis (CROS)

IT systems

  • Training courses for the company’s actuarial team in the areas of pricing and reserving based on best actuarial practices
  • Secondment of members of our team to work together with the company’s personnel
  • Seminars on hot topics such as IFRS, Solvency, local standards of CIS countries etc.

Strengthening the actuarial department

 
  • Embedded Value calculation and analysis
  • “Value of In-Force Business” calculations using market-consistent approaches

Embedded value calculation and review

 
  • Assessment, analysis and modelling of the risks surrounding the insurance company’s business

Risk and capital management

  • Development of an optimal reinsurance strategy aimed at minimising risks and maximising the effectiveness of capital use
  • Optimisation of existing reinsurance programmes

Reinsurance

  • Application of data mining and predictive modelling techniques for supporting strategic and/or tactical decisions
  • Developing or improving the actuarial control cycle
  • Targeting the best opportunities for future growth and profitability
  • Improving profitability through enhancements to key operational areas: risk selection process, pricing, claim handling process, underwriting process, policyholder retention

Strategy and operations