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Insurance consulting UK

An actuarial reporting platform on Databricks

We built the insurer a reporting platform hosted on Databricks: an automated pipeline that takes in data from its different source systems, the actuarial calculations of its unearned premium reserve (UPR), incurred but not reported (IBNR) reserve and other reserves, and a reporting layer on the same platform, with Power BI reports and Excel connectors. It replaced a patchwork of spreadsheets with a highly automated process: days of manual work cut out, the risk of significant errors greatly reduced, and full visibility of the results through clear, informative visualisations.

Client: A large UK general insurer

Insurance consulting Europe

An offshore team in India for a new life insurer

A new life insurer based in the EU wanted its own team in India for its pricing and Prophet modelling. In 2021 we led the recruitment and trained the team so that it could hit the ground running. Its infrastructure was built on the cloud with Numerica Tech, our cloud and data venture, to fit seamlessly into the client's own IT, keep its data secure and support the insurer's compliance with EU data protection law (the GDPR), including its rules on personal data accessed from outside the EU.

Client: A life insurer based in the EU

Insurance consulting India

Choosing a life insurance partner for a bank's joint venture

The bank had proposals from a wide range of life insurers wanting to form a joint venture with it. We studied each proposal and carried out actuarial due diligence, then brought the results together in a single measure of deal value: the embedded value of each insurer (its net worth plus the value of the policies it already has in force), the structural value of the new business the joint venture would write, and the qualitative factors the bank had to weigh. That gave the bank one basis on which to compare very different offers.

Client: A large public sector bank

Insurance consulting India

Actuarial adviser on the merger of two general insurers

The insurer the merger created engaged us to oversee the actuarial side of bringing the two companies together. We reviewed both insurers' reserving methods, assessed their policyholder reserves for reasonableness and carried out actuarial due diligence, then gave our opinion on the merger.

Client: The insurer the merger created

Insurance consulting Caribbean

Setting up a captive reinsurer

The group wanted to insure its own risks in-house through a captive reinsurer: mainly workers' compensation, along with other liabilities. We analysed its data, including its historical claims ratios, worked through the local insurance regulations and advised the group on the set-up. We then represented the group in its discussions with the regulator, and the captive was approved.

Client: A large retail conglomerate

Employee benefits India

Due diligence that found employee benefits missing from an acquisition price

The situation. A company was about to buy another, and asked us to carry out actuarial due diligence on the target's employee benefits. The target took its gratuity liability from the statement sent by the insurance company that ran its gratuity fund, not from an actuarial valuation for its accounts. It also ran a leave encashment scheme, a long-term incentive plan and a retirement allowance, none of which had ever been valued.

What we did. Acting for the buyer, we read the rules of each scheme, valued the gratuity liability on an actuarial basis, and valued the three schemes that had never been on the target's balance sheet.

The result. The gratuity liability had been understated, and the other three liabilities were missing altogether. The buyer could take all four into account before agreeing the price, rather than finding them after the deal.

Employee benefits Saudi Arabia

Valuation reports in a day to unblock a Saudi audit

The situation. In 2023, a large company in Saudi Arabia, with about 50,000 employees, came to us stuck in its audit: its auditors were not satisfied with how its end-of-service benefit valuation had been done, and there was very little time left to satisfy them.

What we did. We carried out the IAS 19 valuation of its end-of-service benefits and turned round the reports within a day. Our high-performance computing ran the 22 valuation runs we carry out for every client's IAS 19 reporting, the base valuation and its sensitivity analyses among them, in a few hours, even for a workforce of that size. We then answered every one of the auditors' queries.

The result. The audit was unblocked in time. The company has been our client ever since, and we turn round its reports within one business day whenever it needs a valuation.

Employee benefits India

Valuing interest-free loans to employees

The situation. A cement company lends money to its employees free of interest, and needed those loans valued for its Ind AS financial statements. Its existing actuary could not provide the valuation.

What we did. We spent time with the company to understand what it needed, read the rules of its loan scheme, and applied the Ind AS framework. The loans are measured under Ind AS 109, at their fair value when they are made, and the gap between the amount lent and that fair value (in effect, the value of the interest the employees are spared) is an employee benefit under Ind AS 19. Our article explains how employee loans are accounted for.

The result. A report written for the company's scheme, delivered within three days.