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Insurance Consulting is a core area of Actuarial practice which helps clients succeed in setting up and running life insurance operations. The long term nature of life insurance business makes it necessary that such an operation is set-up on technically sound basis and is closely monitored. Services include:
- Carrying out feasibility of setting up Life Insurance Company
- Designing and costing of compensation structure for the sales force
- Determination of Retention levels and Reinsurance basis
- Reinsurance treaty negotiations for Individual and Group life insurance portfolio
- Designing and Profit testing of various products, including development of premium rates
- Drafting of policy documents, marketing literature, policy illustrations etc.
- Developing and setting up underwriting guidelines and procedures
- Setting up of other departments, business processes etc.
- Actuarial assistance in ongoing operations of a company
- Performance evaluation and monitoring of ongoing operations
- Statutory Actuarial Valuation
- Valuation of Embedded Value of life portfolio
- Expense Analysis
- Ongoing Product and pricing updates
- Advise on investment of Life Fund to match liabilities
- Assistance in defining functionality of Life Insurance Administration systems
- Illustrations software for life insurance plans
- Development and implementation of Individual and Group Life Insurance Administration systems
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