Capital Management - Friendly Societies
Friendly Societies face their own particular challenges. Finding someone who really understands these challenges and knows how to make the most of them is not always easy. Actuarial & Insurance Solutions has had this experience and understanding for many years.
Consulting your business needs
We are leading consultants to Friendly Societies. We currently carry out statutory valuations for approximately ten societies, have helped societies design new contracts or change existing ones and have provided assistance in developing strategic plans for a society’s future.
We offer not only actuarial skills but also strong business, IT and financial management expertise.
Inviting us in
There are many areas where you could find our skills beneficial. In particular we can help with:
- Statutory valuations: We provide a value for money service by involving you in the process, utilising existing information where possible, using our market leading software, Prophet, where appropriate and providing results in a format tailored to your Society’s requirements
- Product development: We design new contracts or amend existing ones to meet the changing needs of your Society and your members. We do this for unit-linked investment plans, modern unitised with profits policies, permanent health insurance, critical illness, medical expenses and long-term care
- Future strategy: We help develop a strategic plan for the future. This may involve us looking at your distribution methods, expenses, IT systems and investigating possible links with another Society
- Financial management: We look at the health of your finances, both now and in the future. This may mean projecting your future balance sheet position, providing assistance in developing an appropriate investment strategy, developing financial reporting mechanisms, helping to set up suitable remuneration packages or advising on expense control and reduction programmes
- Understanding change: Our involvement with all sectors of the insurance industry means we can provide informed comment and advice on new regulatory developments, the likely impact of current and future European Directives, new product ideas and other legal and environmental changes
Selecting the best
We have many years’ experience acting as leading consultants to Friendly Societies, giving us a great understanding of the particular challenges faced. We combine our expertise with that of several other Actuarial & Insurance Solutions teams, particularly our Insurance Management Consultancy Team which has specialists in areas such as IT and financial management.
We take time to get to know your Society, with its particular strengths and future goals. We aim to work with you, providing a value for money service that adds value to your organisation.