Insight has provided Actuarial Function support for a number of firms in the UK and Gibraltar. In some cases, Buu Truong is the regulator approved ‘Chief Actuary’. In other cases, Insight consultants have delivered all the actuarial function work products, which are then subject to a sign off from an internal ‘Chief Actuary’. In all cases, Insight’s work is independent from the profit-generating part of the business.
Insight aims to provide this support as part of a long-term partnership, with some clients having used our services for more than 5 years continuously. Insight consultants work closely with client teams, ensuring excellent cooperation and communication.
Our actuarial function work covers the following areas:
Quarterly Reserve Reviews
Insight consultants have conducted reserving work across many lines of business. Our consultants understand the importance of robust reserves calculated with efficient processes and well governed judgements.
Annual Reserve Review
We also provide an annual reserve review for our clients, complying with all the necessary reporting requirements.
Insight has supported our actuarial function clients in calculating technical provisions and preparing numbers for external reporting. Further related activities that Insight consultants have assisted with include producing IFRS reserve figures and Solvency II balance sheets.
Standard Formula SCR
Insight consultants have worked with clients to prepare their standard formula calculations. We set up streamlined processes which source relevant data and output the SCR in clear and useful ways.
Actuarial Function Report
Our actuarial function reports are not a tick-box exercise – we believe the report adds real value in helping stakeholders deepen their understanding of the business, and ultimately make better decisions as a result.
We have advised clients on the impact and appropriateness of their outwards reinsurance strategy. We are experienced at exploring the capital implications of different reinsurance structures and equip our clients to negotiate effectively with reinsurers.
Insight consultants have conducted reviews of underwriting strategy and opine on whether these strategies are appropriate. We work with underwriting teams to improve their risk selection processes and portfolio composition.