Actuarial services

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Actuarial insurance services

Our actuarial practice has over 1,000 specialists in 36 countries providing life, health and non-life assurance and advisory services to the insurance industry, its regulators, and other financial services providers.

We advise a wide range of clients in traditional areas of actuarial work such as reserving, mergers and acquisitions, due diligence, exit solutions and capital modelling. As part of the world's largest professional services organisation, we draw on the extensive knowledge of accountants, risk managers, performance improvement consultants, tax advisors, as well as corporate finance and business recovery specialists.

We specialise in helping financial services companies create, sustain and increase shareholder value by adopting a value-based approach to the issues they face. Risk quantification and dynamic financial modelling of risk outcomes provides the management tools required for more informed business decisions.

Our actuarial insurance services include:

Risk management

As business becomes increasingly interconnected and the pace of change continues to quicken, improved risk management processes are proving crucial to ongoing financial success. These need to be embedded into the working practices of insurers, and indeed the imminent Solvency II regime for European insurers enshrines such principles.

If this is your situation

  • You want to identify and quantify the risks you face.
  • You want to identify weaknesses and new growth opportunities.
  • You want to target investment where it can earn its best return.
  • You want to improve operational decision making.

How PwC can help

Our services include:

  • Advice on advanced risk measurement and modelling techniques, which extend beyond the traditional financial risks to encompass business and operational risks; and
  • Assistance with development of enterprise risk management systems to enable businesses to take controlled risks and ensure that capital is allocated on a basis which reflects the underlying risks and business environment.

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Market reporting, governance, regulation and compliance

The insurance industry continues to evolve in response to globalisation and technological development. Intensifying public scrutiny and regulatory attention have accompanied these trends. Accordingly, insurers are reacting to the increasing focus on corporate governance and corporate ethics. The move to IFRS in Europe, Australia and parts of Asia is one outcome of the mounting pressure for greater transparency in corporate reporting.

If this is your situation

  • You want to use the new wave of regulatory demands, such as Solvency II and IFRS, as a catalyst to overhaul risk and capital management
  • You want to develop systems that are flexible and durable in order to embed new and evolving financial reporting methodologies into business-as-usual activities

This is how PwC can help

Our services include:

  • Diagnostics and gap analyses
  • Assistance with reassessment and reconfiguration of workflows and processes
  • Quality assurance concerning regulatory issues such as solvency II
  • 'IBIS' (Impact, Business Implication and Solutions) toolkit which helps insurance companies embed and implement IFRS within their organisations and identify and understand any IFRS implications, in order to meet the future needs of their business
  • Independent advice and assurance on a range of local reporting bases including US GAAP and UK GAAP

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Processes

Additional reporting requirements and greater stakeholder demand for operating efficiencies has put significant pressure on insurers' financial reporting timeframes and management information requirements.

If this is your situation

  • You are seeking to improve financial reporting timeframes.
  • You are looking to streamline actuarial processes, restructure your actuarial function, and enhance the effectiveness of your actuarial models, systems and finance function.
  • You are keen to ensure your underwriting strategy and business model is able to cope with the challenges of the changing insurance cycle.

This is how PwC can help

Our services include:

  • A "Smart Close" solution to streamline all financial reporting tasks and provide tools and training for value adding activities.
  • Assessment of actuarial processes and controls together with solutions for effective management within the risk framework of the company.

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Mergers, acquisitions and disposals

Regulatory liberalisation and growing competition are two major driving forces behind the restructuring which is taking place across the insurance industry. Consolidation is prevalent in both the insurance and reinsurance sectors, with many companies looking to merger and acquisitions to enhance their range of products and services and strengthen their market share.

If this is your situation

  • You want to expand, restructure or refocus your business in order to enhance or hone your range of products and services and strengthen market share.
  • You want to exit market sectors or bring closure to legacy parts of your organisation.

This is how PwC can help

Our services include:

  • Deal identification, due diligence, actuarial appraisal and valuation, advice on accounting implications, negotiation and communication with regulatory authorities; and
  • Development of strategic options for business restructuring and solutions to maximise value and release capital from legacy operations.

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Capital management

The wave of restructuring taking place across the insurance and reinsurance sectors is providing impetus to the quest for raising capital. As globalisation and technical advances lead to an increasingly complex financial and geopolitical landscape insurers are also looking to develop innovative ways to use the capital markets to transfer risk.

If this is your situation

You want to ensure that capital is deployed with maximum efficiency across the organisation and want to explore innovative ways of achieving this.

This is how PwC can help

Our services include:

  • Capital modelling and strategy review
  • Development of bespoke methods for raising capital including securitisation of risk and side cars
  • Identification of optimum capital deployment reflecting risk appetite, profiles and opportunities for enhancing business performance

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Financial Modelling

The demands placed on actuarial financial models are proving ever harder to satisfy. Boards want better insights into their risk, capital and strategic management. Regulation and market demand are greatly increasing the amount of information that’s required and sharply reducing the turnaround times. Even where insurers have invested in sophisticated new systems, they’re often failing to realise expectations and deliver the payback

If this is your situation

  • Your modelling and reporting solution does not meet your current / expected future business needs.
  • You want to improve the controls and processes surrounding your modelling production environment.
  • You want to understand how emerging modelling technology and infrastructure can be utilised to improve your modelling capability.
  • You want to improve the analysis of the results from your modelling solution.

How PwC can help

Our services include:

  • Advice on modelling strategy and making best use of the existing and emerging technologies available;
  • Assistance with development and testing of actuarial modelling solutions; and
  • Developing analytics to make the best use of the data you are producing.

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Contact us

Bryan Joseph
Global Actuarial leader
Tel: +44 (0) 778 654 3999
Email

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