Life & Pensions
In the life and pensions sector, we understand that our clients face a lot of pressures, whether it's time constraints, budget limitations, or the need for specialized expertise. We have consistently provided high-quality staff to meet the evolving challenges of the insurance industry. Our projects primarily support insurance companies and bancassurers in the UK and Ireland, focusing on life assurance and pensions.
At APR, we understand that finding the right people can be challenging. Our dedicated and high calibre staff team allows us to provide exceptional actuarial support through our skilled professionals, who quickly integrate into your teams and add value. Our consulting services leverage our extensive experience to deliver tailored solutions that meet your objectives, while our market-leading training program equips our staff with the necessary skills for success. Our goal is to provide value and quality, ensuring that you have the support you need to succeed.
What We Offer
We have developed significant expertise across the full range of actuarial work carried out by life insurers, as set out below.
- Build models from specification using open source or proprietary code.
- Review, challenge and enhance existing models / changes to increase confidence in model output.
- Optimisation of model run times and IT capacity, leveraging AI.
More information on APR's Modelling Services can be found here.
- Data cleansing, pricing, benefit modelling, ALM and asset valuation.
- Pricing and valuation support for new market entry from proof of concept to BAU.
- Transfer value and member options value calculations and determining price locks.
More information on APR's Bulk Purchase Annuity Services can be found here.
- Methodology, assumptions and PIM/IM change, including major model change applications, covering technical provisions and capital.
- BAU results production, including analysis and insights into levers.
- Review of reporting requirements and develop methodology to populate QRTs.
- Solvency II market risk stress calibration methodology, impact analysis and process improvement.
- Capital reporting for management & business planning.
- Capital model validation, including sensitivity and stress testing.
- Matching adjustment (MA) review and optimisation, including MA under stress.
- Establish MA attestation process.
- Determine required additions to fundamental spread.
- Creation of GLMs and postcode modelling for demographic risks.
- Experience analysis, data visualisation, assumption setting and multi-state processes
- Expense analysis & cost allocation.
- Performing risk reviews & drafting committee papers summarising findings.
- Model validation.
- Expertise in climate, nature, sustainability and anti-greenwashing risks.
- Development of documentation framework for internal models.
- Development and updating of methodology documentation.
- Software documentation including specification and testing.
- Thought leadership on modern actuarial process, organisation design and best practice.
- Optimisation and multi-threading / parallelisation of existing models to reduce model run time.
- AI-enabled solutions.
More information on APR's Finance Transformation Services can be found here.
- Asset share calculations, estate management, bonus setting, PPFM compliance and proxy modelling.
- With-profits strategy and change exercises including product reviews.
- With-profits systems migration.
- Embed and improve IFRS 17 reporting processes & harmonise with other reporting metrics under GMM, VFA and PAA models.
- BAU results production, including analysis and insights into levers.
- First time adoption of IFRS 17 including technical methodology & model development.
- Credit risk management, derivative valuation, hedging strategies & liquidity modelling.
- Illiquid assets including internal credit ratings and internal model design & calibration.
- Valuation and securitisation of equity release mortgages portfolios, and modelling for insurance stress tests and ORSA.
- Migration of existing models, policy admin systems, dataflows to new platforms / cloud integrations and testing for quality assurance.
- Advising on best practice, developing business case and taking through governance.
- Stakeholder relationship management, development of testing tools, and production of associated documentation.
- Accurately price guarantees, asset liability mismatch, matching adjustment, and other features.
- Ongoing monitoring of price for competitiveness and impacts of market movements.
- Testing price sensitivity to different assumptions to inform decision making on existing and new business development.
- Outsource, co-source or SME support providing skills &/or capacity to help deliver the audit plan
- Expertise to input into scoping, deliver fieldwork and report findings.
- Stakeholder management for a smooth audit close out.
- Design and implementation of reinsurance transactions
- Longevity swaps and group consolidation.
- Cost-benefit analysis of potential reinsurance arrangements.
More Information
For more information on the services we offer please reach out to Chris Bryce.