Actuarial: Actuarial consulting in the insurance industry

enowa Aktuar aktuarielle Beratung zu versicherungsmathematischen Fragen

Overview: Actuarial 4.0 – a term for the multifaceted challenges of modern actuaries

Modern actuaries are no longer just concerned with the mathematical models for product redesign and development, but use interdisciplinary communication, agile working and the latest data science methods to further develop the existing business model.
These additional competencies enable fast responses to changes in Solvency-II-requirements and the effective as well as efficient use of existing data. For example, life insurance companies can operate in a future-oriented and sustainable manner even in the low interest rate environment. In property insurance, on the other hand, we are increasingly confronted with major natural hazard loss events and the processing of large volumes of data for rate analysis.

Processes: Automated processes in actuarial

The optimization and management of core actuarial processes are decisive competitive factors for insurance companies. Especially in life insurance, insurers are increasingly dealing with run-off scenarios.

For this purpose, numerous regulatory requirements, product renewals and redesigns, extensive reporting options, process automations, digitalization projects and, if necessary, system consolidations and migrations must be implemented in the portfolio management.

Our actuaries are your agile partner in the area of product development, inventory management, implementation engineering, and testing of computing cores.

Symbolbild Fenster stehen für Beratung rund um Aktuariat, Prozesse und IT einer Versicherung

Your advantages: Take advantage of our many years of actuarial experience

Independence

Independent, vendor-neutral support and advice.

Holistic

We look at both the actuarial and IT aspects for you.

Scaleability

Individual subject areas or overall responsibility – you decide!

Interlock

Consulting, development, processing, support – all services from a single source.

Crosslinking

Concrete support through market knowledge of relevant manufacturers and acting persons.

Divisions

Leading advisors for portfolio migration for both property/casualty and life insurance.

Our Services: Benefit as an actuary from our consulting services

Convince yourself of the knowledge and project experience of our actuaries in portfolio migration. In addition, we support you with the following services:

Pricing
Performance testing
Insurance-specific information extraction
Portfolio aggregation
Insurance Predictive Analytics
- Lapse probabilities
- Major loss probabilities
- Subrogation probabilities
- Fraud probabilities
- Disability/reactivation probabilities

Professional

Technical conception of new products and their implementation
Introduction of new tariff generations
Preparation and implementation of surplus declaration
Adjustment of actuarial interest rate
Further development of portfolio management
Preparation of annual financial statements
Model design and implementation with iWorks Prophet ®
Model design and implementation with Willis Towers Watson Radar ®
Connection of calculation kernels to inventory & conversion systems
Cyber insurance conception and rating of cyber risks
Document conception and its implementation in the text system

Test

Test management, defect management
Test case creation, test execution
Optimization of test inventories, test automation

Management

Interim management
Project and subproject management

Implementation of annual financial statements, balancing and accounting
Calculation of additional reserves
Development and implementation of IFRS-compliant valuation methods
Analysis of the IFRS impact on the company situation

Blog: What moves the actuarial department

Preliminary studies in migration projects: About effort and benefit

There are many reasons for a migration project. There are also reasons why, from the actuary’s point of view, a preliminary study is worthwhile before a migration. In this blog, we look at what these reasons are and how elaborate a preliminary study should be.

Actuarial interest rate cut: What impact will the cut have on life insurers?

On April 27, 2021, the legislature decided to lower the maximum actuarial interest rate from the current 0.9 percent to 0.25 percent. From 2022, insurers will only be allowed to offer products in new business whose premiums have been calculated on the basis of the lowered guaranteed interest rate. What are the consequences of the interest rate cut for life insurers?

How reviews make migration projects more efficient

In order to bring migration projects safely to their destination, it is necessary to react to undesirable developments in good time. This can be achieved, for example, through selective project reviews. What is important here and what is the best way to proceed?