TechActuarial services

Traditional Actuarial Services

Life Insurance

  • Product Design and Pricing – Pricing for term, endowment and other life insurance products. Designing products that suit the risk appetite and strategic aspirations of the company.
  • Experience Analytics – Designing systems that analyze the experience of the portfolio and advice on potential changes to product design to improve business results. We provide automated workflows and calculators to perform experience analytics in a more frequent, optimal manner.
  • Valuation – Traditional valuation methods focused on portfolio level reserves. We use advanced statistical techniques for assumption setting to help assess reserves at a more granular detail and help companies achieve reserve optimization.
  • Reinsurance – We help companies make optimal reinsurance decisions by developing reinsurance models balancing between traditional reinsurance solutions and non-traditional financial reinsurance solutions.

Health Insurance

  • Product Design and Pricing – Designing health insurance products can be quite complex. Our expertise includes health medical, hospital cash, surgical cash and critical illness products. We have experience in not only designing products that suit your requirement, but also in pricing large health insurance schemes. We have experience of using advanced statistical techniques to price one of Asia’s largest health insurance schemes.
  • Cancer Product – Cancer is a cause of concern for both policy holders and risk takers alike. It’s a unique type of health risk that requires specialized treatment from a product design and pricing perspective. We help our clients develop appropriate insurance-based risk solutions for Cancer using our cross-market experience in this field coupled with futuristic predictive modeling approaches.
  • Self-Insurance Advisory – Advising companies on product design, pricing, operations and risk transfer mechanisms for self-insured group health insurance schemes.
  • Experience Analytics – Designing systems that analyze the experience of the portfolio and advice on potential changes to product design to improve business results. We provide automated workflows and calculators to perform experience analytics in a more frequent, optimal manner.
  • Reserving – Traditionally actuarial reserving methods focused on estimation of IBNR at line of business level. We use advanced statistical and machine learning techniques as means to substantiate and help us make better actuarial decisions.
  • Reinsurance – We help companies make optimal reinsurance decisions by developing reinsurance models balancing between traditional reinsurance solutions and non-traditional financial reinsurance solutions.

Property and Casualty

  • Product Design and Pricing – Rating for property and casualty business requires specialized experience. With our experience, we are able to make product level recommendations to control the risk but satisfy customer needs. In a competitive environment, ability to price products using appropriate, advanced techniques is essential. Identifying pockets of the market, differentiating them appropriately and building models to rate them has become possible by using advanced statistical and machine learning techniques. Our statistical models enable us to build accurate reserve estimates for casualty estimates which is a critical part of pricing. Our solutions help achieve underwriting efficiency even in a price regulated market using regulatory arbitrage models.
  • Reserving – Traditionally actuarial reserving methods focused on estimation of IBNR at line of business level. We use advanced statistical and machine learning techniques as means to substantiate and help us make better actuarial decisions.
  • Reinsurance – We help companies make optimal reinsurance decisions by developing reinsurance models balancing between traditional reinsurance solutions and non-traditional financial reinsurance solutions.

Pensions and Benefits

  • Experience Analytics – Designing systems that analyze the experience of the portfolio and advice on potential changes to product design to improve business results. Using advanced statistical techniques like generalized linear models help us assess portfolio experience at a detailed level. We provide automated workflows and calculators to perform experience analytics in a more frequent, optimal manner.
  • Valuation – Traditional valuation methods focused on portfolio level reserves. We use advanced statistical techniques for assumption setting to help assess reserves at a more granular detail and help companies achieve reserve optimization. We also help provide long term insights into liability using stochastic methods and advice on managing assets to meet these liabilities.

non Traditional Actuarial Services

  • Real estate – Designing and pricing index linked products for risk management of real estate asset value.
  • Crop and Weather – Crop insurance has both supply side and demand side uncertainties leading to difficulties in appropriate management and measurement of risk. We help our clients by building tailor made country specific models using neural networks combined with statistical time series models that help manage this risk better and recommend the right insurance solution for them.
  • IT advisory – We are aimed at articulating your company’s problems and needs, offering and assessing solutions, and then suggesting an implementation roadmap for the selected ones.
  • Sachet Insurance – Developing and under-developed markets are an avenue with high prospects of insurance growth. The economic status and purchasing power in these economies demand a separate consideration and rethinking of traditional insurance products. Sachet insurance is all about low ticket low coverage insurance product design bundles with innovative delivery.
  • Micro Finance Credit Risk Management – Capital Market based Risk Management solutions for Micro Finance organizations to help diversify their credit portfolio. Our capital market and insurance-based solutions use predictive modeling to measure and diversify risk.
  • Electric Vehicles – We provide support to start ups in Electric Vehicle Industry with respect to project appraisal, product design, innovative pricing models and assessing capital requirements to meet evolving EV sector.

Captive Insurance

Due to the Covid-19 outbreak, there has been increase in insurance rates, shortage of capacity and tighter terms and conditions for insurance products in the market. In this context, many leaders are exploring alternative ways to finance their risk. Setting up a captive insurance company is one of the most suitable, popular option that addresses this need.

A captive insurance company is a subsidiary of a larger firm. It is meant to write insurance policies for the parent and does not insure any other company.

Establishing a captive in special economic zones such as GIFTs (Gujarat International Finance Tec-City) would have several advantages on not only tax saving, capital optimization, but also insurance and actuarial processes such as underwriting, claims settlement, solvency etc. Establishing and running a captive would need a long-term vision to reap true benefits, and hence requires experienced hands in ensuring smooth but effective captive establishment. You can consider us as experienced partners in this journey. We create a bundle of actuarial and insurance services specific to helping you achieve your financial and strategic objectives. Our tech-actuarial services ensure effective risk transfer and long-term sustainability of the captive.

Some of the actuarial services we provide are:

  • Feasibility studies for captive establishment
  • Designing customized products to suit specific risks of the company
  • Rate making and premium allocation
  • Optimization of risk transfer mechanisms
  • Reinsurance strategy
  • Performance analysis
  • Commutation reviews
  • Exit-strategy
  • Establishing reserves and capital requirements

Actuarial data Science

  • Fraud Detection – Machine Learning provides greater ability to identify in-depth patterns in the data that are normally invisible or difficult to identify using other methods. One of the major applications of it is seen in insurance claims fraud detection, which is a classification problem. We have used a combination of actuarial and data science techniques to build fraud detection and prevention models.
  • Predictive Analytics – We use predictive modeling and machine learning techniques to provide valuable insights that translate to  direct business impact. Supplementing actuarial models with predictive analytics for customer acquisition, underwriting and claims modeling can create massive competitive edge for companies.
  • Generalized Linear Modeling – We specialize in using advanced statistical techniques to set actuarial assumptions for pricing, reserving and data analytics.
  • Actuarial Tool Development – Spreadsheet modeling forms a majority of our day-to-day work. However, when it comes to processing speed and ability to handle large data, tools like R and Python come very much handy. We help our clients in automation of daily process to improve speed and reduces costs.