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To drive competitive advantage, businesses must continuously innovate and increase the market share simultaneously considering the different types of risks and the regulatory changes in the market rapidly and efficiently.
The 2,200 professionals on PwC's actuarial and risk modelling services team help clients act decisively on their most important issues. Our Actuarial team in Luxembourg is well equipped with global expertise and experience to help businesses address the encountered risks as well as support them in their growth strategy for a sustainable value creation.
- We provide advice and consulting services to life and health insurers, non-life insurers, reinsurers, captives, banks, third-party administrators, regulators, agents and brokers, bureaus and associations.
- We have extensive experience serving the domestic and international insurance industry, and assist insurers with actuarial modernization, process improvement, risk and capital management, value analyses, deals, and financial reporting.
- We apply our risk and analytical skills to turn complex data into the predictive insights that inform practical business solutions.
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How does a global pandemic impact Solvency II
Data analytics & modelling
Data
- Do you take the most information of your data which allow you to make data-driven business decisions?
- Do you have the necessary tools to visualise, transform and analyse your portfolio and customer data?
- Have you set automatic controls to enhance the quality of your data which are compliant with local regulations?
- Are you interested in producing interactive data analytics visualisation reports?
Models
- Do you often perform model review and is your model accurately forecasting?
- Is your model up-to-date and compliant with the local and EU regulatory requirements?
- Are you considering leveraging existing models for IFRS17 reporting?
- Is your model documentation in line with regulatory requirements?
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Solvency II, IFRS 17, IAS 19 and Local GAAP
- Is your firm seeking for assistance in financial reporting: Solvency II (e.g. S2, ORSA, QRTs, SFCR…), IFRS 17, IAS 19 or Local GAAP?
- Is your firm implementing/seeking for new tools to streamline the financial reporting process ?
- Is your firm seeking for trainings on different GAAP and Risk Capital?
- Is your firm seeking for support in transition/implementation of new GAAP?
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Actuarial Modernisation
- Are you considering a tactical approach to implement automation of some of your actuarial tasks or identify overlaps in processes to boost efficiency and lower costs (e.g. automatisation of QRTs)?
- Is your firm seeking to make your reports automatic, smarter and interactive using tools available in the market or are you simply seeking for alternatives to spreadsheet solutions? (e.g. Alteryx, Power BI, Python, R)
- Are you seeking for support in documentation or review of existing documentation around processes / functions? (e.g. guidance book, validation and monitoring procedure notes, policy…)?
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ESG and Climate Risk Modelling
- Is your firm considering integrating climate change risks into governance and risk management systems, similar to other operational risks?
- Do you need support in identifying, assessing and managing the risks associated with climate exposure on your operations?
- Are you encountering obstacles in ensuring compliance with evolving regulations like EU Taxonomy and CSDR or in maintaining transparent ESG disclosures?
Our solutions
What can our team do for you
We have the ability to process, manipulate and analyse large volumes of data, interpret and translate the results into findings and conclusions that are more accessible to you. We can help you to implement, test, provide our expert view or improve your documentation related to the new implemented actuarial technologies within your firm.
We can demonstrate how actuarial valuations can enhance your decision-making process by helping you to understand international/local accounting standards and what they mean for your company.
In order to drive maximum value for our clients, we invest significantly in data analytics and modelling infrastructure to improve efficiency when providing services to our clients.
Our services
Employee Benefits recognition, classification and valuation
Valuation of Defined Benefit pension obligation
Implementation of PwC award winning software 'IFRS 17 In a box'
Training focusing on raising the awareness and on expert upskilling
Complex analysis of the company identifying strong and weak spots in IFRS 17 implementation (GAP analysis)
Accounting and actuarial impact of IFRS 17 implementation simulated on a sample product
Preparation and design development of the IFRS 17 regulatory documentation
IFRS 17 software vendor selection process market analysis and walkthrough
- Complex review of selected Solvency II QRT's
Review of the SFCR in terms of regulatory requirements
Internal model validation and regulatory approval process assistance
Design and implementation of risk management framework compliant with Solvency II requirements
Optimisation of SCR calculation
Complex analysis of the company identifying strong and weak spots in Solvency II reporting
Expert view on technical provisions: assumptions, methodology and results
Optimisation of internal processes and controls
Independent projection of outstanding claims reserves, prudential margins and IBNR provisions
Provide support in development of business oriented risk strategy
Help you set an effective risk appetite framework by summarising points in favour, provide you with our view, give you concrete examples and suggest a forecast based on the trajectory of regulation and trends in the insurance industries.
Provide you with risk mitigation solutions
Capital Optimisation
Risk Modeling
Risk Assessment
Provide an expert view/advice
Review of the ORSA report and ORSA written procedure in terms of regulatory requirements
Optimisation of the the ORSA process
Design and implementation of pandemic scenario in ORSA
- Improve the quality of your data by building a robust and automatised data flow controls and test the ones already taken in place
- Help you in making evidence based business decisions, identify areas for new investments to boost growth and profitability
- Use automation and advanced statistical software to handle, analyse and visualise large volumes of data providing smart and interactive reports
- Provide life and non-life modelling solutions such as:
- Generalised Linear Model (GLM): Pricing modelling for individual health insurance and credit risk modelling
- Other models: Time series, Survival, Linear models…
Dynamic hedging strategy modelling for complex insurance projects such as participating products and variable annuity products
Complex risk distribution modelling including interest rate risk, credit risk, equity risk, property risk, currency risk, mortality risk, longevity risk, morbidity risk, surrender risk
Provide opinion on diverse actuarial and data science predictable models and review the assumptions
Support you in building documentation inline with regulatory requirements
Product pricing, customer stratification, and customer behaviour analysis by statistical model (significant variables analysis for customer behaviour)
Enterprise positioning and market analysis (trend, profitability, competitors, saturation)
Provide solutions to non-standard products
Boost growth through strategic pricing models and data-driven marketing
Quickly identify future markets and the best areas for new investments
IFRS 17 Insurance contracts
Solvency II framework
Occupational pension schemes under Lux GAAP and IAS 19 Employee benefits
Actuarial capital valuation techniques
Actuarial modernisation "Actuary of the future"
Enterprise risk management (ERM)
Improving your Mathematical Provisions calculation process (suggestion of new tools available in the market)
Setting up control environment
Inventory management
Fast close and YE close assistance
Review of assumptions and methodology in accordance with company guidelines and regulatory requirements
Appraisal value evaluation and review
- LuxGAAP analysis, expert view and assistance in transition
- Actuarial reporting under Luxembourgish regulation
- Insurance products technical notes requirements under Luxembourgish regulation
Local GAAP analysis, expert view/opinion and assistance in implementation
Actuarial reporting under local regulation
Insurance products technical notes
- Compliance Verification (EU Taxonomy, CSDR)
- Sustainability Reporting Assurance
- Regulatory Advisory on EU ESG Regulations
- Strategic ESG Integration into core business strategies
- Climate Risk Assessment and Risk Management
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