Actuarial and Risk Modelling Services

The market is facing diverse and unseen challenges which require key risk management and innovation for a successful business strategy.

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 1,600 professionals on PwC's global actuarial 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

Your challenges

Data analytics & modelling

  • 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?
  • 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?



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?



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…)?



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

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Contact us

Pavel Kostyuchenko

Pavel Kostyuchenko

Assurance Partner, Actuarial Leader, PwC Luxembourg

Tel: +352 62133 20 64