Actuarial function insurers

Since 2016, all insurers that fall under Solvency II have been obliged to also fulfil the actuarial function. It is one of the key functions within Solvency II, which guarantees that adequate models and methodologies are applied and that the technical provisions are correctly assessed and tested. Insurers can choose to fill this function themselves, but it is also possible to outsource all or part of the process. Triple A – Risk Finance fulfils various roles around the implementation of the actuarial function. This allows us to offer our customers maximum flexibility. In addition to the mandatory activities, our experts give advice and provide insight into what we do and where that can lead. The result is a better grasp of your own actuarial processes.

Your options include doing it yourself, outsourcing, or a solution in between. As an insurer, you determine at which level and for which activities you engage us in relation to the mandatory actuarial function. Our roles range from full execution of the actuarial function to advising on the implementation or fulfilling of specific parts.

No surprises during the reporting process

In the Solvency II package, the actuarial function is one of the key functions. The function is not new, but its interpretation has increasingly focused on a wide range of actuarial themes and in a broad sense, can hardly be separated from financial risk management. Triple A – Risk Finance performs the actuarial function based on early knowledge of relevant updates of regulations and important signals from the market with the goal of preventing unexpected surprises for you as an insurer.

Added value

In addition, we provide added value by filling our advisory role based on our experience of the activities to be carried out, and not by limiting ourselves simply to testing activities. Independence and expertise are the core conditions for sound implementation, but at the same time we ensure that our methodologies are well aligned with our clients’ internal insurance processes. For insurers who make use of our expertise, we form an integral part of their internal control system.

Action plan

Our working method is transparent and effective. Based on the specific information provided by insurers, we draw up an action plan for the work to be carried out. These cover the following topics:

• Assessing the technical provisions;
• Assessing solvency;
• Advising on premium setting;
• Advising on reinsurance programmes;
• Advising on ORSA and the financial projections included in it;
• Contributing to effective risk management.

Clear, relevant advice

Our advice, based on broad market experience, enables insurers to look ahead and respond to new developments in a timely manner. We tailor our activities to the nature, size and complexity of your organisation and processes. Despite the predominantly technical nature of the actuarial function, our reporting bridges the gap between technology and policy, whereby we attach great importance to clear, comprehensible advice and reports.

Maximum grip

We perform the actuarial function for a large number of insurers (life, claims and health) and contribute to the internal control, so that any points of attention for the external accountant and/or supervisor are identified and resolved at an early stage. Our market knowledge enables us to sufficiently indicate which areas require attention and where bottlenecks may develop, allowing you to keep maximum control of the actuarial processes.

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