There are many other services where we support our clients. Examples of other frequent projects where we help our clients:
- Advanced statistics and data analytics
- Outsourcing of actuarial capacities
- Employee benefits – IAS 19
- Reporting support
- Project management
- Audit support
Advanced statistics and data analytics
We provide a broad range of services from short analyses to complex researches. We combine knowledge of theory with proven experience in real applications to deliver useful outputs meeting clients‘ needs.
Some examples of services:
- Estimates of full probability distribution (ultimate claims, particular risk occurrence, size of claim, etc.)
- Interpretation of results, including consulting any accounting policy consequence
- Projection models of individual claims (tailor-made to the needs of the given company and the specific case)
Outsourcing of actuarial capacities
We provide full outsourcing as well as partial maintenance of specified tasks. Our fully qualified actuaries can formally hold key functions. Often, we provide certain capacities of defined seniority on long term basis or as a deputy for specified time (maternity leave, holiday, sickness, temporary replacement).
Standard services include:
- Appointed actuary role
- Chief actuary role
- Key functions in Solvency II
- Full outsourcing or body shopping of capacities (various seniority)
Employee Benefits – IAS 19
Many companies outside of the financial sector can be caught in surprise when they realize that they are obliged to create long-term provisions for their liabilities arising from certain employee benefits.
We can support these clients with a comprehensive solution of this issue. Our services include analysis of the relevant Collective Agreement, identification of the benefits for which IAS 19 requires creation of long term provisions, definition of the data needed for calculations, creation of the actuarial models and production of the numbers required for disclosures under IFRS.
For this purpose we have developed specialized tools, click here for further information.
Timely and accurate reporting is equally important for external stakeholders and management. This includes many different bases such as statutory accounting, IFRS, Solvency II, Embedded value, or internal reporting).
To make sure that both the quality and the timeliness of the presented financial information are assured, insurance companies must invest a lot into human resources or technologies. At the same time, the information presented in various reporting standard must be mutually consistent and reconcilable.
We can help you with definition of the methodologies (accounting standards, EV methodology, etc.) and required data, optimizing the processes around various reporting streams (IFRS, SII, EV, statutory reporting), preparation of the required reporting and reconciliation templates and necessary calculation tasks. Our professionals can also help with selection of the most appropriate IT infrastructure to support the reporting.
Specifically we support our clients with Liability adequacy testing (LAT) where we provide full scope or partial tasks support.
Partial or full project management of internal projects, management of different counterparties and stakeholders, planning, reporting issues, etc.
Actuarial audit support (IFRS, local GAAP, Solvency II, MCEV)