Actuarial and risk management for life insurers

Actuarial science involves analysing financial risk using mathematics, statistics and the latest financial theories. Our expert team of actuaries can provide life insurers with a full range of actuarial and risk management consultancy services – ranging from full outsourcing to advisory and support arrangements. We also provide the same valuable consultancy to non-life insurers.

We work with the full range of life insurers, ranging from niche providers, friendly societies and Lloyds’s life syndicates to FTSE 100 and global insurance companies. As experienced life insurance actuaries, we listen and tailor our approach to reflect the size and complexity of our clients and to ensure our solutions are suitable for the risks and issues they face.

Specific expertise in our life insurance actuary service

• Reserved roles – we are experienced in fulfilling a wide range of reserved roles including Chief Actuary, Actuarial Function Holder, Appropriate Actuary, With-Profits Actuary, Reviewing Actuary and Signing Actuary roles
• Solvency II calculations – we have significant experience in supporting clients with their Actuarial Function requirements either through undertaking the calculations for them or reviewing their calculations to provide assurance on the methodology, approach and implementation.  Our market leading SIImplify tool provides those insurers wishing to calculate their own Solvency Capital Requirement with a cost efficient Excel based tool to do this backed with our high level of customer service. 
• Peer review – as well as providing the actuarial function for companies, we can support internal function by providing independent peer review, challenge and expert input.

Specific expertise in our life insurance risk management service

Our insurance and longevity consulting team identifies, analyses and quantifies the financial impact of various risks to help ensure the best decisions are made. We understand the risks and challenges facing the life insurance industry and use our years of experience to provide insight and advice on the following:

• Validation – providing specialist resources to support life insurers validate their internal (or partial internal) model.  We provide both specialist validation knowledge and experience along with specialist technical knowledge in areas such as longevity risk and market risk.
• ORSA – we are experienced in helping life insurers develop and embed their ORSA process and report so as to ensure that these deliver value from day one.  We have developed a range of tools and techniques to help life insurers implement their ORSA in a time and cost efficient manner recognising that one size does not fit all. 
• Risk and internal audit co-sourcing – we have significant experience in supporting a number of life insurers and other professional services firms in providing specialist actuarial resources in a cost efficient manner to support risk functions or internal audit departments on a co-sourcing basis. 
• Risk outsourcing – we can provide an outsourced Risk Function and / or a Chief Risk Officer