• Actuarial Insurance Services

Actuarial Insurance Consultation Services

We bring a depth of expertise of advisory services in planning of End of Service Benefits (EOSB), pension fund, and private fund. We also provide our advisory services to the Life & non-Life insurance companies in structuring Solvency Capital Requirement module and in writing Financial Valuation and ORSA reports in order to drive lasting and measurable results in business.

Insights Solutions Actuarial Consultation team provide professional and expert advices in the following area: 

Services
Insurance Consultations
Solvency Capital
Financial Valuation
Takaful Industry Consultations
Services

Pension, Private, and End of Service Benefits

We can support on creating a new scheme or implement an existing one.

Insurance Consultations

 Life Business Operational and Technical Consultations:

    We can provide the superiority on the following Actuarial issues:
  • Providing technical expertise and direction in designing new products
  • Providing technical expertise and direction in designing sales compensation scheme.
  • Prepare the Actuarial reports needed to submit to the supervisory bodies
  • Design the underwriting guidelines for each separate business line. 
  • Advising on the recruitment selection of Actuarial staff and managers.
  • Provide technical training for the sales force to enhance their skills in delivering the company’s products for existing and potential customers.
  • Advising in develop systems with IT professionals to ensure compliance with the business requirements and setup the technical formulas into the system.

 Insurance Reserving and Pricing

  • We can provide a Reserving analysis and calculate the MR, UPR, and IBNR for life and non- Life portfolios.
  • We can provide a Pricing analysis and price new products for life and non-Life portfolios.
Solvency Capital

Solvency Capital Requirements

We can provide a consultation on the calculation of the minimum capital requirements and solvency capital requirements. 

Financial Valuation

 Financial Valuation and ORSA Reports:

We can support on writing the FVR and ORSA as per the regulator instructions.

Takaful Industry Consultations

Takaful Industry Consultations

We can provide the superiority on the following issues:

  • Organization Structure of the Takaful Company including the job description.
  • Preparing work flow for each separate department.
  • Preparing work flow for each separate business topic
  •  Prepare methods of the company Takaful models.
  • Prepare methods of surplus sharing between Participants.
  • Setup fees (Wakalah) Structures and transparency.
  • Pooled or unitized investment strategy.
  •  Financial statements best practice.
  •  Control Standard for each separate business line and separate departments.
  •  Provide training on the Takaful fundamental aspects.

Technical Valuations in accordance with IFRS and IAS

EOSB Valuations & IAS 19
ECL Valuations & IFRS 9
Leases Valuations & IFRS 16
EOSB Valuations & IAS 19

EOSB Valuations & IAS 19

We perform the Actuarial valuation of Employee Benefits, in accordance with International Financial Reporting Standards, including Accounting Standard No. 19 (IAS 19). The specific scope of IAS-19 is constituting a study of the Actuarial value of the company End of Service Benefits (EOSB) for its employees and to project the cost of liabilities for the following financial year.

ECL Valuations & IFRS 9

ECL Valuations & IFRS 9

The IFRS 9 has allowed simplification of certain attributes previously encapsulated by IAS-39, such as the accounting for impaired assets. An impaired asset or instrument is one where there is significant doubt around the collection of future cashflows associated with it. The most relevant part of the standard we will look at in closer detail is the measurement of Expected Credit Losses (ECL) with respect to Trade Receivables and how this impacts the reporting of the financial instruments.

Leases Valuations & IFRS 16

Leases Valuations & IFRS 16

IFRS 16 specifies how an IFRS reporter will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. IFRS 16 was issued in January 2016 and applies to annual reporting periods beginning on or after 1 January 2019.