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:
- Solvency II (methodology and process development, assumption setting, expert judgement, documentation, implementation of pillars 1, 2 and 3, matching adjustment, model validation, etc).
- Capital management
- EEV and MCEV profit reporting
- Solvency I valuation support including Realistic Balance Sheet work
- ICA work
- Modelling work using proprietary systems such as MoSes, Prophet and Mo.net
- Model documentation
- Process automation
- With profits management
- Systems migrations
- Finance transformations
- Product development and pricing work
- Illustrations development and testing
- Spreadsheet reviewing and de-risking
- Software testing
- Rectification and remediation projects
- Unit pricing
- Bulk purchase annuities
- Experience analysis (longevity, mortality, morbidity, persistency, expense)
- 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 is at worst equivalent to that of other suppliers, but in many cases significantly lower.
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.