Our Actuarial service is one way that corporations determine, assess, and plan for the financial impact of risk. Actuaries use mathematical and statistical models to evaluate risk in the insurance and finance industries. In addition to mathematical and statistical methods, actuaries call upon other fields including probability, finance, economics, and computer programming to create actuarial models. Actuarial science is used to evaluate and predict future payouts for insurance and other financial industries such as the pension industry.
We at ARGenesis are actuarial experts providing wider ranges services from Data Science, Pricing, Reserving, Capital & Risk, to help clients obtain better position and advise on how to manage your business portfolio driven through a blend of qualitative analysis and commercial business awareness. In addition, we provide and support clients with a wide range of actuarial services. This includes “Independent Actuarial Reviews” to remove bias from in-house actuaries on reserves, capital, and Own Risk and Solvency Assessments (ORSA).
(Re)insurers benefits of independent actuarial reviews externally with us are for several key reasons:
- Unbiased Assessment: Independent reviews offer an impartial evaluation of actuarial calculations, free from internal biases or conflicts of interest that may exist within the organization.
- Regulatory Compliance: External actuarial reviews are often mandated by regulatory authorities to ensure that insurers adhere to industry standards and maintain accurate and adequate reserves.
- Transparency and Credibility: Independent reviews enhance the transparency and credibility of financial statements, thereby increasing the trust and confidence of stakeholders, including policyholders, investors, and rating agencies.
- Validation and Accuracy: An external actuarial review can validate the accuracy of in-house actuarial work, ensuring that assumptions, methodologies, and results are appropriate and robust.
- Risk Management: By providing an external perspective, independent reviews help insurers identify potential risks and weaknesses in their actuarial practices, improving overall risk management.
- Benchmarking and Best Practices: Independent actuaries bring experience from a diverse range of clients and markets, offering insights into industry best practices and benchmarks that can enhance internal actuarial processes.
- Governance and Oversight: Independent reviews support good corporate governance by providing an additional layer of oversight, which is critical for boards of directors and senior management in their decision-making processes.
- Internal Improvement: Feedback from independent reviews can highlight areas for improvement in the actuarial function, leading to better internal processes, training, and methodologies.
- Solvency and Financial Health: Independent reviews help ensure that an insurer’s reserves and capital are sufficient to meet future liabilities, thereby safeguarding the company’s solvency and long-term financial health.
In summary, external independent actuarial reviews provide (re)insurers with critical insights, validation, and assurance, contributing to more accurate, reliable, and transparent actuarial practices.
Areas we cover within the actuarial domain:
What we cover in actuarial services
Reserving Analytics
The claim reserving is the process of setting aside funds to settle claims for policies that have been written.
- Proper reserving techniques is critical for any insurance business, but particularly so for ones with long maturity timeline.
- We can help you implement reserving models, from the industry-standard ones such as Chain Ladder, to more bespoke solutions, such as stochastic reserving techniques, targeted at irregular and volatile lines of businesses.
- APH Latent Claims Reserving
Our reserving is also implemented through our in-house software GenieAPP, which allows for swift execution and comparison of different techniques.
Pricing Analytics
We can help you with your pricing analytics that is inclusive of: managing your pricing elements of risk costs, price elasticity and price optimisation. Our team has had extensive experience in engaging with academic and we strive to incorporate modern and powerful data science modelling techniques. Implemented in our in-house software GenieAPP and GenieSiren. The sophistication of pricing models is complimented by the simplified user interface – which allows you to focus on insights and model outputs instead of the often-messy process of implementation.
Data led Insights
Data led actionable insight can provide the means to improve business performance across different a variety of disciplines and departments internally. Our in-house solution called GenieUs Ecosystem know as the data ecosystem following services are benefits driven, aiming to provide the data led actionable insight our clients need to inform the right strategy for their business needs.
Enterprise Risk Management (ERM) & Capital
We can help you construct a capital model that can capture and reflect your risk appetite to ensure that a solvent amount of capital is maintained. Following Solvency II, adequate capital modelling have become both a legal requirement and a key indicator of a healthy business. There are multiple elements associated to Risk & Solvency II and Capital Modelling, such as:
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