General Insurance Actuary | Actuarial services
Reserving
As General Insurance Actuary, we help insurers estimate their future risks and liabilities. Our advanced analytical and actuarial capabilities help detect trends which might not be visible otherwise.
We also help with calculation of actuarial reserves to financial, statutory and regulatory reporting requirements, including IFRS 17. We have extensive ResQ reserving experience. However, we have also developed in-house reserving tools with similar features as a low-cost alternative to ResQ.
Our actuaries hold actuarial practicing certificates as General Insurance Actuary for the respective regions (COP in India).
IFRS 17
IFRS 17 is an International Financial Reporting Standard issued by the International Accounting Standards Board. It will replace IFRS 4 with an effective date of 1 January 2023. IFRS 17 is adopted in India under Indian Accounting Standards as IndAS 117.
IFRS 17 accounting standard relies heavily on actuarial inputs and assumptions. Our team has been helping insurers in UAE and Europe with actuarial support for IFRS 17 accounting standard.
Since the accounting standards is new, there maybe a shortfall of technical experts and/or actuaries in the insurance industry. As such to help insurers meet their targets, we have successfully delivered on IFRS 17 actuarial work outsourced to us, and continue doing so, wherever required.
Peer Review
We have General Insurance actuaries qualified from both London, UK and India who are certified to peer review the reserves as per respective regulatory requirements.
Our actuary have been involved in peer review of reserves worth more than $10 billion for a multi-national General Insurance company.
Pricing
We can support you with product designing, portfolio optimization, pricing and premium rating. Through advanced and innovative technical analyses, we help you retain your competitive edge in the market while optimizing your risk.
We can help you identify innovative rating factors through GLM and/or machine learning while still keeping up with ethical data and underwriting practices.
Solvency II /
Capital Modelling
Our actuaries were involved in Solvency II implementation in various European countries, with core expertise in stochastic Internal Models.
We can help you with calculation of stochastic Risk Capital in Igloo or Python. Moreover, we can also help you embed Risk capital in various processes as part of ORSA requirements or otherwise.
Regarding stochastic capital modelling, we have actuarial expertise in building Dynamic Financial Analysis actuarial models for Solvency II Internal Models Approval Process (IMAP). Our models are based on Monte-Carlo simulation methods with appropriately defined dependencies.
Risk Management
We help you understand and define the potential risks through stochastic modelling of the expected future scenarios. Through the model outputs, we can then define the risk appetite quantitatively (rather than just qualitatively). Thus, helping you manage your risks in a more effective way.
We also help General Insurance companies with reinsurance optimization and stochastic large loss modelling.
M&A /
Funding
We have a proven track record in assisting InsurTech startups with successful investor funding rounds. With our prior experience, we are able to not only provide actuarial support, but also help you develop relationship and confidence with investors.
Seamless actuarial outsourcing
If you do not already have an actuarial department, then let us take care of all your actuarial needs, be it as an Appointed Actuary role or any of the above services.
Otherwise, you can partially outsource your General Insurance actuarial requirements to take advantage of more cost-effective and efficient processes.
All this, without losing any control. Our actuarial team works seamlessly with yours (actuarial or otherwise) to design a bespoke actuarial solution depending on your needs.
As a testimony to our quality and competitiveness, we do not require any commitment from your end. Also because, we understand that every organization, especially a start-up, has fluctuating need for actuarial outsourcing resources and we are always equipped to meet the challenge.
Advantages of outsourcing to us:
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