We develop, implement and review actuarial models of companies and blocks of business. We are expert in the actuarial modeling tool known as Prophet.
We have implemented numerous Prophet systems used for a variety of purposes, including reserving on various bases, embedded value reporting, financial projections, economic capital and economic required capital.
Insurance systems and data management
Effective operation of non-life insurers often depends on the maintenance of high quality data, especially claims and premium data. These data are essential ingredients for the analysis of policy liabilities, profitability reviews, and premium rating exercises.
Data problems often exist in emerging insurance markets. Most of the time insurers believe that their data is ‘clean’. In practice, data inadequacies are not discovered until it is rigorously tested, eg. during a pricing exercise. We can add much value in devising comprehensive plans in the data collection process and to ensure the data collected is of the highest quality.
For ten years we have managed a data-sharing scheme for a group of Hong Kong insurance companies for use in benchmarking their own performance and providing credible market statistics to supplement their own data. In the course of our work we have developed a user-friendly software package for in-house reference by participating companies.