More than before, these days the insurance sector faces multiple challenges. New regulatory requirements and adverse economic conditions have to be dealt with, while at the same time strategy and competitiveness have to remain strong. On the regulatory front the upcoming Solvency II framework, the MCEV principles and the finalization phase of IFRS 4 (Phase II) reporting put the insurance world under pressure, requiring technical improvements as well as increasing demands on reporting and transparency. 

Today’s Challenges

Accounting changes: 

• IFRS4 (phase II) on insurance contracts
• IFRS9 on financial instruments 
• Revised IAS19 on pension contracts 

Regulatory changes:

• Solvency II pillar 1 requiring market consistent valuations and economic risk based capital requirements
• Solvency II pillar 2 requiring enhanced internal control frameworks, sophisticated risk management and an own risk and solvency assessment (ORSA)
• Solvency II pillar 3 requiring fast and extensive reporting

How we can help

Working closely together with our clients we can help with: 

• Support in model design and its implementation.
• Establishing their Capital Management Framework.
• Understand and implement the new regulatory reporting requirements (QRT, RSR, SFCR).
• Performing, analyzing, and validating embedded value calculations.
• Performing IFRS conversions projects.
• Providing assistance in all kind of actuarial valuations, pricing and reserving projects.
• Helping clients strengthen their Asset Liability Management (ALM) function and manage the complexity of today’s financial markets.
• Implementing Risk Governance and Risk Appetite frameworks taking into account the proportionality principles.
• Providing a full range of Employee Benefit services: from valuations over strategic support to accounting advice.