IFRS 17 is expected to raise many practical challenges for insurance companies. It is an accounting standard, but implementation will require a multi-disciplinary program with involvement from accounting, risk management, and actuarial teams.

We assist companies to understand, design and implement this new International Financial Reporting Standard Number 17 (IFRS 17), by offering them a basket of products from which to choose from including:

• Gap Analysis – We help companies to identify and understand the gaps concerning finance, data, and IT systems, policies and controls, processes with gaps documented along with the supporting technical documentation.
• Financial Impact Analysis – We undertake illustration for companies to assess the impacts of IFRS17 on the Income Statement and Balance Sheet including their products by considering different sensitivities on the discount rate and risk adjustment.
• Product Assessment – We undertake product classification, documentation, and profitability assessment for our clients.
• Implementation Plan – We assist the companies to ensure they have the necessary infrastructure and process to implement IFRS17.

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Financial Condition Reporting is an assessment that determines the financial soundness of an insurance company. The assessment covers the General Overview of the Business, the Company’s Risk Profile, Current Solvency Assessment, Forward-Looking Solvency Assessment, Stress, and Scenario Testing, Capital & Strategy Management, Risk Mitigation, Value of New Business and Premium Adequacy, Analysis of Surplus, Asset Liability Management, and Assurances among others.

Actuarial Valuation of Technical Provisions/Reserves Evaluations & Variability is a valuation of an insurance portfolio that gives a true and fair view of the state of the company’s liabilities. The valuation was conducted in accordance with generally accepted actuarial principles and all applicable regulations.
Loss reserving is a process of estimating reasonable accruals for the unpaid loss and loss adjustment expenses that must be posted on a balance sheet. As this is often the largest liability in a company’s financials, the accrual has a very significant impact on income and
surplus (or net worth).

At UNITED Actuaries & Consultants, we tailor our analysis of indicated reserves to your particular situation. Our loss reserve analyses are used to support statements of actuarial opinion (SAOs), audit opinions, financial examinations, insurance company liquidations, and rehabilitations and as expert opinions in lawsuits. We rely on a wide variety of traditional actuarial methods to develop reasonable estimates of unpaid claims liabilities. The results of such a study can be stated as a point estimate, a reasonable range of outcomes, or as a statistical distribution of all possible outcomes. Many factors influence the analysis of indicated reserves, including internal factors such as safety programs, loss control efforts, or management changes.

Our actuaries spend considerable time and effort to understand the unique climate in which your company operates before customizing our analysis to include the real-world influences likely to influence the true accrual for unpaid claims liabilities. We also have significant expertise with insurer liquidators and rehabilitators.

Our experience with non-life insurance programs is both broad and deep. From the financial analysis of companies and their management to expert witness testimony regarding our findings and recommendations, you can rely on our support.

UNITED Actuaries & Consultants has extensive experience in premium rating a variety of insurance products and is well placed to understand what works for our clients. We serve a wide variety of customers, including insurers, regulators, agents, and industry associations, with industry-leading expertise for pricing and product management.

We support the insurance industry with sound actuarial advice using the most advanced techniques available anywhere. As pioneers in underwriting and pricing techniques, we apply new methods to analyze loss variables with a much higher degree of accuracy.

As well, we can provide the information and data files necessary to do everything from set up and manage your insurance operation to product/rate filings. Whether you’re introducing a new product, modifying an existing product, or dealing with a regulatory matter, our experience in all aspects of insurance pricing and product management can drive better decisions and help you achieve your goals.

Our Team has provided pricing, product filing, and compliance assistance to insurance companies, managing general agencies, residual market entities, captives, and other risk bearing entities for several years.
We have provided pricing and product/rate filing consultation including reviewing product terms and conditions to several insurance companies, including start-ups and Corporate Agents/ Managing General Agents. For this crucial part of insurance product
development, we combine our deep understanding of the actuarial components necessary to properly price risk products with a strong business sense so that we never lose sight of the importance of assisting you in meeting your company’s growth and profitability goals. We also rely on our experience working with and for regulators to help our clients successfully and efficiently meet their regulatory hurdles.

UNITED ACTUARIES & CONSULTANTS’ ADVANTAGE:

• We work as a team with the filing Company. Our goal is to treat each filing as if it were one submitted on our behalf and provide guidance to the Company as to how to complete each process outlined in the prior section.
  
• Review all documents provided by the Company and make recommendations when we notice items that may cause issues with state regulators.
• We have direct relationships with regulators in many jurisdictions, so we understand what their concerns are, how to overcome them, and how to reach them if additional clarification is needed.
  
• Continual tracking of each filing submission and objection letter to ensure that deadlines are met.
  
• We can provide a full level of service, addressing all items needing completion in the prior section. Alternatively, we can assist insurance companies that have the internal resources needed to complete the outlined process and perform any step-in isolation of the remaining.
  
• We can perform edits to any forms and/or provide recommendations for those edits, if needed, based on regulator objections.

Value appraisal of insurance companies is crucial to all stakeholders. As we all know, understanding the performance of the life insurance industry is very important to policyholders, investors, company management, and regulatory authorities.

Embedded Value is the main approach used to determine the value of an insurance company. 

Embedded Values have become a popular tool to value a life insurer due to the increased focus on earnings and the need for transparency in the assessment of an insurer’s performance. 

Embedded Values is mainly used for the following:

• Value of company in Mergers and Acquisitions (M&A). It is a starting point in an M&A transaction.
  
• Performance monitoring of company by management, shareholders, and industry analysts. It provides additional information relevant to third parties
  
• Determining share price when an insurer is to be listed on a stock exchange. 

Actuarial Function provides assurance to the board of directors and senior management on the adequacy of the calculation of technical provisions, the capital requirements, and other actuarial matters. This role requires advice to the insurer on a broader range of topics
like current and future financial soundness, investment policy, and actuarial soundness of products as well as product development and design.

UNITED Actuaries & Consultants is a fully independent actuarial and management consulting firm. We have an extensive number of experienced qualified actuaries and are therefore placed to fill the Head of Actuarial Function and Appointed Actuary roles. We have a track record of performing this role for many clients and can strike the balance between ensuring compliance and adding value through assisting the board on all actuarial-related issues. 

Experience Analysis involves mortality investigations, morbidity investigations, lapse investigations, expense investigations among others. UNITED Actuaries handle experience analysis for numerous clients in both the life insurance and non-life insurance areas.
Improve early identification of high loss claims with advanced modeling methods. Gain maximum insight from existing claims data so you can increase the efficiency and effectiveness of high-value claims personnel, consistently apply the best resources for improved claim triage, uncover claim-cost segments with previously unnoticed characteristics, and more.

Our sophisticated asset/liability management solutions help you match asset allocation with expected future liabilities under capital guarantee constraints. Our analysis is tailored to your circumstances, resulting in practical, actionable information and efficient systems.
By emphasizing high-frequency capital calculations, we deliver realistic risk assessments.

Whether you need to determine how predictive analytics can help your organization or have been using predictive analytic techniques for years, we can develop specific predictive analytic applications or act as advisors to your predictive analytics practice. As recognized leaders in predictive analytics, pricing and underwriting, we have handled numerous projects for insurers of all sizes. As a result, our recognized predictive analytics experts can help address your most critical pricing, underwriting, claims, and marketing needs.

As part of UNITED Actuaries & Consultants’ predictive analytics solutions, which include:

• Risk pricing and selection
• Claims and underwriting process improvements
• Profitable, long-term customer identification

Solvency-II, Solvency Assessment And Management (“SAM”) And Other Regulatory Valuations And Solvency Assessments.

Takaful is similar to a conventional mutual insurance platform in that it pools risks and provides members (participants) life (family takaful) and non-life (general takaful) benefits but in a way that is compatible with Sharia law. Under Takaful, the pool’s investments would also need to be Sharia-compliant

UNITED Actuaries & Consultants has been active in takaful insurance consulting for several years now, in all aspects of takaful from a company set up to Appointed Actuary work. Our clients include companies using both mudharaba and wakala takaful models. For many assignments, we are involved from the conceptual stage until product launch and continue to remain involved throughout the actuarial control cycle.

Our team is very familiar with the many facets of the reinsurance industry. A reinsurance transaction involves three parties—a buyer,
a seller, and their intermediaries. 

UNITED Actuaries & Consultants provides actuarial and risk management services to all three sectors and outside third parties such as auditors, regulators, and rating agencies. For buyers hoping to optimize the value of coverage, UNITED Actuaries & Consultants can analyze your organization’s risk retention levels, comparing costs between coverage options and evaluating the risk being transferred before and after the transaction. 

For sellers seeking a reasonable return on the assumption of risk, our reinsurance pricing model, reserve analysis, and capital allocation modeling provide invaluable support to your underwriters. And as you strive to maintain a high-quality and profitable book of business, our experienced consultants can provide the underwriting, product management, and auditing support you need. 

If you’re an intermediary who wants your clients to be comfortable with the value of their transaction, we can independently review the relative value of competing options. We’ll also conduct risk transfer analyses — an essential feature in documenting the effectiveness of individual reinsurance contracts and services, we routinely provide for a variety of audiences, including auditors. 

UNITED Actuaries & Consultants have a tremendous breadth of reinsurance experience. From reinsurance pricing and reserving to reinsurance underwriting and catastrophe modeling applications, we always strive to learn about your unique business operations and apply our expertise to provide the solutions you need. 

UNITED Actuaries & Consultants have a tremendous breadth of experience in different markets and regulatory requirements in the region.

We have performed various market and feasibility studies for our clients to determine the viability of entering selected markets and selling various insurance products in those markets.

UNITED Actuaries & Consultants works closely with Management in setting market entry strategies and pricing of proposed products during the approval of insurance license applications with the various regulators. 

Understanding claims risk is valuable. Knowing what to do next is a game-changer.
UNITED Actuaries & Consultants deliver precision assessments of claims handling and the experience to help you improve it, addressing the entire scope of your business. We can help you implement best practices that reduce costs and risk, navigate
commutations, arbitration, and litigation, and improve the quality of your estimation assumptions and techniques.

Inclusive Insurance/Microinsurance

Actuarial Audit/Independent Peer Review