Insurance and Pensions

Solutions

Insurance and Pensions

The insurance industry is facing increased pressures to manage risk, improve profitability while balancing the demands of regulatory changes. Deloitte Russia is an integral part of the firm's Global Financial Services Industries practice helping clients deal with these issues. We provide general insurance, life, retirement, health, and reinsurance clients with informed and insightful services from strategy definition to implementation and business transformation.

Russian non-state pension funds are similarly facing challenging times including the ongoing regulatory changes to the industry, the planned adoption of IFRS in 2015 and the soon to be announced IFRS 4 Phase II. We provide non-state pension funds with services ranging from assistance with first time adoption of IFRS, IFRS 4 Phase II implementation and legal restructuring advice.

Our broad insurance team in Russia consists of experts from across all sectors, including assurance, actuarial and advisory, taxation, risk management, regulatory and consulting, who have practical experience in helping insurers and pension funds address the challenges facing their business.

Our global network facilitates the exchange of points of view, information and industry updates. Our commitment is demonstrated by our membership of and collaboration with key industry bodies, as well as sponsorship of events including the European Insurance Forum. 

  • Audit of IFRS and RAS financial statements
  • Review of IFRS financial statements
  • Help with financial statement transformation
  • Delivery of training

 

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Audit services

  • Review/independent valuation of reserves required under IFRS and local regulatory requirements
  • Actuarial support of M&A deals
  • Tariff modelling and optimisation
  • Development of new insurance products
  • Implementation and development of actuarial IT
  • Actuarial risk-management

 

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Solutions for insurance and actuarial computations

  • Acquisition due diligence (“Buy-side”)
  • Vendor due diligence (“Sell-side”)
  • Vendor assist
  • Negotiation support
  • Debt restructuring support (Independent Business Review preparation)
  • Assistance with drafting/analysis of Sale and Purchase Agreements
  • Analytical support of capital market deals (long-form report, working capital report)

 

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Transaction services

  • Tax review
  • Tax due diligence
  • Tax planning
  • Transfer pricing consulting services
  • International tax consulting
  • Review of tax compliance
  • Services on supporting tax audit
  • Pre-trial dispute resolution
  • Representing the client in court on tax matters procedure
  • FATCA

 

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Tax advisory

Internal Audit

  • Full or partial outsourcing of internal audit
  • Corporate governance
  • Enterprise risk management
  • Assessment of risks and control procedures in the field of IT
  • Building an internal audit function
  • Development of a strategic development plan for internal audit function
  • Optimization of internal audit function
  • Internal audit training sessions
  • Quality assessment services
  • Inspection and consulting services for the observation of contractual conditions by third parties

 

Internal Control

  • Building an internal control system
  • Optimization of internal control system.
  • Test of design and operational efficiency of internal control system
  • Introduction of control procedures when implementing projects for the reform of the finance function and the implementation of ERP systems
  • Internal Control Training Programs

 

Information Security

  • Determination of information used by the organization
  • Assessment of probability and consequences of information leak
  • Assessment of efficiency of existing protection instruments
  • Development of a reaction strategy for possible information leaks
  • Cooperation in the selection and implementation of data leak prevention instruments

 

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Enterprise risk management services

  • Valuation of replacement value / market value of assets (property)
  • Estimating the value of insurance companies’ business

 

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Business valuation services

  • Increasing of up-sales and cross-sales
  • Analysis of sales process maturity
  • Business analysis for Data Warehouse implementation
  • Design of DWH and Business architecture of the system
  • Data integration
  • PMO services for major projects
  • IT strategy and architecture
  • IT management
  • IT costs optimization
  • Selection of IT solutions

 

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Technology integration services

  • Consulting on issues of compliance with the requirements of RF legislation
  • Consulting on participation of Russian and foreign companies in Russian insurance companies
  • Legal analysis of contract documentation for best practices and compliance with the requirements of RF legislation
  • Legal assistance in the receipt of relevant licenses for insurance activity

 

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Consulting on legal regulation issues in the field of insurance

We work with insurance and reinsurance companies and directly with their clients to provide independent, objective services to assess damages due to business interruption and stock loss claims.

We provide:

  • Early assessment of the strengths and weaknesses of the financial aspects of the insurance claim
  • Independent and objective calculation of loss on business interruption and stock loss claims for Insurers, Reinsurers and the Insured
  • Accounting review of insurance contracts
  • Review and calculation of the sum insured
  • Consulting services to the insurance market and to the Insured to assist in the claim settlement process

 

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Business insurance claim services