Insurance is fundamental to modern society. Allowing businesses both big and small to thrive in good times and weather the bad times. Supplying this exceptional resource is a difficult proposition.
The underwriting cycle and strict regulatory requirements have always been key components of the Insurance industry and technology, competition and product complexity are increasing challenges.
The number and diversity of developing topics in the insurance industry keeps growing and insurers’ demand for specialist actuarial expertise represents a challenge.
IFRS 17 has put a significant strain in the resources of insurance companies and the pace of change and need for action is not expected to diminish. The Central Bank’s requirement for pre-emptive recovery planning and the review of differential pricing put additional demands on the industry in the near term.
EIOPA’s review of Solvency II and reporting requirements as well as the incoming legislation of artificial intelligence and use of machine learning in insurance might mean that constant change is the new normal and insurance companies need to update to allow for it in their business as usual.
Grant Thornton’s Insurance Risk & Actuarial team provides a comprehensive range of services to our insurance clients. From regulatory support for compliance to delivering specialist expertise in insurance & reinsurance.
Our actuarial experts assist clients with their needs in areas such as reserving, risk & capital management, data quality, analytics and actuarial transformation. Our team’s extensive industry experience enables us to have a solid understanding of your needs, and provide pragmatic solutions specific to your organization.
Our services
Full range of services required for the Actuarial Function under Solvency II; including;
- Experienced individuals with appropriate experience to fulfil the role of Head of Actuarial Function PCF48.
- Experienced individuals with appropriate experience to fulfil the role of Peer Reviewer as required by the Domestic Actuarial Regime.
- Team with a broad range of industry experience to deliver all Solvency II requirements including ARTP, AOTP, SFCR, ORSA and QRT’s.
- Up to date insight on industry market practise, and regulatory expectations.
- Expertise developing/assessing/documenting assumptions and methodologies relative to regulatory requirements.
- Support addressing and responding to CBI issued Risk Mitigation Plans.
Market leading team blending the specialisms of Insurance and Data Analytics.
- Experience at data quality assessments, developing and implementing projects to address issues.
- Familiarity with regulatory expectations and data requirements, particularly as it pertains to reserving and capital management.
- Predictive analytics using statistical modelling and machine learning techniques to identify trends, produce insights and support decision making.
- Development of interactive, user-friendly MI dashboards to enhance leadership oversight.
- Design and implementation of process automation/actuarial transformations to enhance efficiencies and internal controls.
Full range of services to support the Risk function in the delivery of their Regulatory requirements including;
- Risk management review and frameworks.
- Support preparing all regulatory submissions including Internal Model & Partial Internal Model applications, change of business plans, acquiring transactions, authorisation of a new insurance entity.
- Reviews of operational effectiveness across Actuarial and Risk functions.
- Full range of audit services including Reserving, Capital Management, Peer Reviews and Internal Audit., Independent Expert reports.
Full range of services to support Reserving, including:
- Modelling support for production of reserving and capital calculations.
- Review of modelling infrastructure, recommendation and implementation of enhanced Reserving capability.
- Stochastic modelling.
- Documenting actuarial models and methodologies.
- Capital optimisation techniques to enhance capital efficiency and solvency coverage.
Our team can support IFRS journey over the next 9 to 12 months, going to extra mile to ensure timely compliance and to generate value for your company:
- Change Management
- Business requirements and vendor selection
- Policy and methodology choices
- Implementation & Validation
- Project Assurance
Our team can support you in complying with the IORP II regulations including;
- Audit & Advisory Services
- Experienced individuals to fulfil the required Internal Audit & Risk Management Key Function Holder roles
Our team has experience across all aspects of Insurance and can assist on almost any task.Other examples include;
- Developing and delivering tailored training for Boards and Management.
- Pricing and product development support including pricing governance, and underwriting portfolio management.
- Developing responses to regulatory/EIOPA priorities such as ESG, climate risk, data quality.
Why Grant Thornton?
Grant Thornton offers a broad range of actuarial services across life insurance, non-life insurance, and health insurance. Offering actuarial expertise and integrated services across the evolving data analytics and modelling universe, Grant Thornton provides access to its experts and international network.
