Life insurance requires specific approaches on subjects that affect pricing, optimization of the ALM process, structuring of reinsurance programs, reserving or valuation portfolio. With its dedicated and experienced team, Sia Partners has helped a large number of insurers with these matters.case study
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The regulation of the insurance business has drastically changed over the last decade and other developments are anticipated, especially due to the application of the market value accounting standards such as Solvency II, IFRS or MCEV frameworks.
More than ever, regulatory constraints have caused a real revolution in actuarial matters: on actuarial models themselves, business operating models, risk and business environment and strategic alliances. Actuarial sciences cannot be practiced without involving all branches of the company, technical, financial, accounting, management, ALM. They require a real mastery of the concepts and theories and a solid know-how at the practical applications level. Reorganizing and harmonizing the valuation processes to enforce finer analysis and risk assessment methods are the real challenges that insurers must face.
Sia Partners has developed numerous offers skills to assist clients to improve their actuarial expertise:
- Life actuarial expertise
- Non Life actuarial expertise
- Regulatory compliance
- Strategic Project Management
- Data science
Thanks to Sia Partners' international footprint, the Actuarial Sciences practice is wherever insurance companies need it (New York, London, Singapore, Paris…) and our integrated model allows several teams from different countries to work together on the same project for our clients across the globe.
Sia Partners is also recognized as a leading consulting company for the chief financial officer, chief risk officer, chief operational officer and the top management.
Life Actuarial Expertise
Sia Partners revamps of « replicating portfolios » method : theory, governance, process, tools, new controls, modification of tools (Excel & Web) to develop these complements, strengthening of governance and performed controls.
Non Life Actuarial Expertise
Non Life Insurance has strongly evolved with the emergence internal models, best estimates approaches, the treatment of CAT risks and reinsurance plans. In addition, competing hardening now requires approaches for tariff construction and piloting ALM. This complex environment is constantly monitored and analyzed by Sia Partners.case study
Sia Partners worked on Tariff revision of climate multi-risk guarantees for a proposition and implementation of a pricing method revision and Valuation of the changes impact on the insurance portfolio and on the turnover.
Sia Partners has developed expertise on both theoretical aspects and operational implementations. A dedicated team assists our clients on these issues such as: defining risk management models, ALM tools expertise, review/calibration of partial and full internal models, conception and calibration (Best Estimate, internal models, ESG, Infra/multiannual projections…).case study
Sia Partners optimized the number liability model points size for Moses to reduce the time for simulation. It defined an aggregation method (clustering, optimization of aggregates, quality criteria).
Strategy Project Management
Sia Partners has refined its know-how by assisting its clients on strategic development projects and transformation projects such as M&A support, revamping of processes, tools selection, steering transversal project, software selection/implementation.case study
Sia Partners was involved in Steering of the Solvency II project for an important group with Multiannual quantification of investments to do. Project split in different operational works and support in implementation of pillar I, II and III.
In addition to its technical expertise, the actuarial Business Unit of Sia Partners has developed an expertise enabling consultants to assist clients in the management of new constraints related to communication with the control authorities, accreditation, creation of good practices benchmark and conception of target device.case study
Sia Partners helps different insurers for the Documentation of the internal model with the aim to be approved and to define the partial internal model governance.
More and more insurers are becoming aware of the applications of data analysis to improve customer relations, to avoid fraud, to automate management and to better adapt their offers. Sia Partners has an expert data science team equipped to provide services for different sectors such as insurance, energy and transportation.case study
Sia Partners has studied how to develop a predictive model to avoid breakdown of machines or software.
Les Cahiers de L'Assurance 3
Data science : le nouveau challenge des organismes d’assurance.
La mise en place de Solvabilité II a conduit le monde de l’assurance à porter une attention particulière au développement de modèles quantitatifs. De part leur complexité, la donnée et l’information associée ont quelque peu été délaissées. Que ce soient pour des raisons réglementair...Pdf 4.62 MB download
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Open Banking in Hong Kong: Interview with Ms. Brit Blakeney - Executive Director, Innovation & Ecosystems Head - HK, DBS