Life & Pensions
“If you live to be one hundred, you’ve got it made. Very few people die past that age.” – George Burns
In the life & pensions sector there has long been a sizeable pool of good-quality contract resource to meet the numerous changes and challenges which have faced the insurance industry over the past decade. The majority of APR’s projects to date have been undertaken for insurance companies and bancassurers in the UK and Ireland, supporting them in the areas of life assurance and pensions.
However, in our view, the maturity of the market has led to a lack of innovation in the industry, with a large number of agencies merely acting as conduits for the same resource pool. Also, while many of those providing contract actuarial services are of a good calibre, this is not universally true, and it is not always easy to achieve value and quality.
APR’s combination of our links to the best available contractors and our own exclusive staff pool has expanded the options for insurance companies taking on contract resource and provided much needed innovation in this market.
What does APR offer?
“While nothing is more uncertain than a single life, nothing is more certain than the average duration of a thousand lives.” – Elizur Wright
We are able to offer solutions across the full spectrum of life & pensions functions. These solutions can be on a consultancy or resourcing basis, and could range from placing a single member of staff or contractor on a project, to providing an entire project team.
Typical projects over recent years have covered areas such as:
- Capital management – SCR, BMA, ORSA, as well as other regulatory regimes
- IFRS 17 planning and implementation
- Reporting, including IFRS and Solvency II (assumption setting, expert judgement, documentation, reporting (inc. pillars I, II, III), matching adjustment, model validation, etc)
- Modelling work using proprietary systems such as MoSes, Prophet, RAFM, MG-ALFA and Mo.net
- With-profits management
- Finance transformations and systems migrations
- Product development and pricing work
- Software development/testing (inc. R, Python, SQL and other languages)
- Model development, testing, validation and process automation/improvement
- Rectification and remediation projects
- Longevity de-risking – including Bulk Purchase Annuities
- Experience analysis (longevity, mortality, morbidity, persistency, expense)
- ALM and hedging analysis
- Risk management
Why use APR?
“You can’t put a value on a human life, but my wife’s life insurance company made a pretty fair offer.” – Unknown Author
As we hope you will see clearly from our attitude to quality, our case studies and client testimonials we have a both breadth and depth of experience, high-quality people and a strong understanding of client requirements.
As actuaries ourselves, we are able to combine this understanding with our insight into the strengths of our people, supplemented by our sophisticated skills matching tools, to give you the right solution at a cost which represents great value relative to other suppliers of short-term actuarial resource.
As one of our clients recently put it, our approach is very much “sniper rather than scattergun”, allowing clients to focus on project requirements rather than needing to review large quantities of candidates.
Additionally, unlike most of our competitors, we are not involved in permanent recruitment or in non-actuarial sectors. This allows us to devote all of our energies to the provision of interim actuarial services.