Services

Life insurance

1. Elaboration of insurance products:
   • Insurance schemes, including participation of insured in the profit of insurer (bonuses) and indexation of insurance premiums and benefits;
   • Making of tables of insurance rates;
   • Profit testing of the insurance products;
   • Preparation of the rules / terms of insurance;
   • Preparation of artworks;
   • Reinsurance protection.
2. Preparation of documents for licensing:
   • General Rules of insurance;
   • Pricing and valuation methodologies;
   • Making of the table of insurance rates etc.
3. Calculation of insurance reserves according to Russian accounting system, as well as international standards or US GAAP, including estimation of adequacy of reserves and their sensibility to the proposals made.
4. Modeling of future cash flows (model of insurance office); business-planning.
5. Working out of system of voluntary retirement insurance.
6. Statistical data analysis; working out of mortality tables for different kinds of insurance.
7. Analysis of profitability of insurance portfolio of the company in view of product, affiliates/agencies, distribution channels etc.

General insurance

• Calculation of loss reserves according to international standards (IAS and US GAAP) on basis of commonly accepted principles and standards of actuary practice; actuary support of estimation of Due Diligence of insurance company.
• Run-off analysis.
• Analysis of insurance portfolio «as a whole»: estimation of profitability according to the periods of insured accidents and underwriting, analysis of frequencies and average costs of claims, revelation of trends and seasonal fluctuations. Elaboration of recommendations of portfolio management.
• Segmental portfolio analysis: influence of rating factors on the tariff.
• Rate making on insurance products:
  • Analysis of data: sources, quality and representativeness, level of segmentation, data management;
  • Data correction: big and catastrophic losses, franchises, incurred but not reported or not enough reported claims (IBNR and IBNER), portfolio changing (inflation, changing in economic, political, legislative and other branches), specification of concrete product;
  • Choice of pricing model: marginal sums, generalized linear model (GLM), methods of theory of confidence estimation, distribution of number and values of claims;
  • Consideration of market demands: competitors’ tariffs, antiselection, level of sophistication, technical and administrative limitations;
  • Feedback: monitoring and correction of tariffs.
• Recommendations on data management: data composition, control over integrity of information.
• Preparation of documents for Federal Service of insurance control (FSIC): pricing methodologies, tariff tables.
• Analysis of reinsurance security and elaboration of recommendations on optimization of reinsurance.

Pension plans of enterprises

• Elaboration of systems of voluntary retirement insurance / non-governmental provision of pensions.
• Estimation of pension liabilities of enterprises, according to international (ISA19) and American (FA 87, 88, 132R) standards.
• Preparation of artworks.

State pension system

Analysis of state pension systems, elaboration of the model of pension system and possible scenarios of it development. Long-term forecasting of cash flows, preparation of proposals on development of the state pension system.

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