Deloitte Actuarial Services
Bringing clarity to complexity
Deloitte’s actuarial services team continues to grow and we now have actuaries sited in both Auckland and Wellington offices. We have been pleased and privileged to help clients in a wide variety of ways with strategic and financial value-added advice and support for over two years.
Charles Hett who heads the Deloitte actuarial services team says the opportunity to work with colleagues who bring different perspectives from the broader Deloitte firm to client problems and solutions definitely adds up to more than the sum of the component parts.
Some examples of our work are:
- Support for several New Zealand based life insurance acquisitions
- Consideration of the recent tax changes to life insurance business
- Modelling credit risk for a bank residential loan portfolio
- Impact and implementation Solvency II in Asia-Pacific
- Trauma product development and pricing
- Kiwisaver changes to better serve disabled people
- Assessing and simulating financial services market outlook and scenarios
- Practical risk management procedures for a financial services organisation
- Support for insurance company audits and actuarial valuation calculations
- Sampling to derive a Unique Emissions Factor in the energy sector
A recent engagement that stands out is some innovative (and fun!) financial training we carried out for insurance executives. Charles helped to create and facilitate some training for insurance executives to help them understand the nature of business projection assumptions, insurance profit, solvency, capital and business value.
For larger Asia-Pacific organisations this was envisaged as a four day investment, incorporating a variety of discussion topics, quizzes, workshops and a competitive team-game. The focus of the game was analysis into a hypothetical insurance company and a presentation to industry analysts on the rationale behind recent results. One response from a course organiser: “Feedback has been nothing short of tremendous, and HR has decided to make the training an annual part of our staff development plan throughout the company”
For consultants who provide technical expertise, it is of course very important that clients have confidence in these skills. We believe that even more important is our focus on communication and clarity. being able to explain issues or conclusions to managers, executives and boards is just as vital – they don’t need to be actuaries but do need to be able to understand enough to judge what they need to know to take that advice and apply it to their own organisations.
The team is well linked in to over 30 actuarial colleagues in Australia and more than 600 around the globe; New Zealand actuaries have helped Deloitte clients both in Australasian and Global based projects. This joint working helps ensure we keep right up to date with global perspectives and technical advice.