Actuarial Services
Managing risk is critical for companies engaged in insurance, employee benefits and actuarial consulting.
Crisil Global Research & Analytics' actuarial practice provides analytical services to consulting firms, syndicates, advisors and (re)insurance companies that help them better manage risks, underwrite more profitable businesses, and comply with regulatory requirements.
Our team, comprising of credentialed and student actuaries and statisticians, offers services on risk management, pricing, loss provisioning/reserving, pension valuations, model validation, modeling, ICD-10 implementation, predictive analytics, Solvency II implementation support and reporting amongst others.
Our focus areas
We offer high-end pension solutions to plan actuaries working for the benefit consulting and advisory firms who support plan sponsors. These solutions cover the following aspects:
Compliance
- Adherence to U.S. ASOP and ERISA, 2006 PPA, 2008 WERA, MAP21
- Rigorous compliance to ASC, FASB and IAS accounting standards
- Form 5500, particularly Schedule SB and Form 8955-SSA
- Annual DB funding notices, AFTAP certification and PBGC rate calculation support Benefit pension valuation
Benefit pension valuation
- Match of prior actuary's pension valuation results
- Conduct experience studies and assumptions analysis
- End- to- end pension valuations
- Pension expense budgeting and disclosures
- Funding and expense projections
- Deterministic and stochastic projections
- Forecast analysis
Pension administration
- Pension plan participant data management
- Estimated or final benefit calculations for plan participants
- Pension plan participant notices
Ad-hoc projects
- Executive compensation and HCE analysis
- Plan design, Plan termination or other special plan events
- Pension systems conversions from legacy software
- Defined contribution support on miscellaneous activities
Crisil GR&A offers a variety of actuarial and analytical solutions to actuaries in (re)insurance and consulting firms. Our services cover the following areas:
Valuation
- Perform monthly end-to-end valuation which includes, but is not limited to, data mining, bases creation, trend and data analysis and running models
- Cash flow projection associated with the policies using different economic and demographic assumptions
- Calculation of asset and liability figures using the Market Consistent Embedded Value approach
Pricing
- Provide support in setting up model and performing profit testing
- Rate and pricing comparison
- Restructure product and pricing assumptions
- Assist in documentation and creating sample illustrations for product filing
Solvency II
- Validate the firm-wide models used for Risk Management
- Strategic planning and actuarial pricing
- Evaluation of market risk and asset credit risk
- Develop detailed documentation for risk models and aggregation
- Counterparty credit risk and Credit Value Adjustment (CVA)
- Value at Risk computation and Incremental Risk Charge (IRC)
Systems Conversions
- Moving from an existing platform to a new platform
- Reconciling of movements
- Finding deviations and taking corrective steps
- Updating coding in actuarial systems, and helping clients comply with the evolving regulatory environment
Insurance Compliance
- Preparation of insurance filings for insurance products to state regulators
- Handling objections from state regulators by modifying insurance policy and forms
- Actuarial memorandum draft and review
- Other ad-hoc compliance support
- Proficient in preparing process maps and standard operating procedures
Other Support
- IFRS implementation and preparation of required statutory reports
- Support for actual on experience study, business plan, and capital modeling
- Peer reviewing of models which includes reviewing model for consistency and accuracy and suggest improvements in existing models
- Pre-close and year-end reporting for budgeting and strategic planning