Computation of actuarial-related liabilities

a.       Assist in the
preparation or review of Technical Provisions report which includes Claims
provision, Premium provision, and Risk margin as per requirements of Solvency
II.

b.       Actuarial
liability estimation and computation of CSM liability for Life insurance
business which involves data preparation, data loading to tools, analysis of
liabilities, and presenting results under IFRS 4 / IFRS 17.

c.        Prepare/review actuarial
liabilities including reserves for linked business as per generally accepted
actuarial principles and practices, regulatory guidelines, and requirements
under Indian GAAP/ IFRS 17 / US GAAP (ASC 944).

d.       Prepare/review
computation of additional reserves including Incurred But Not Reported (IBNR),
Revival reserve, Look-in reserve, and any other reserves as applicable.

e.       Evaluate
principal actuarial assumptions such as Interest rate, Expenses, Mortality,
Morbidity, Persistency, Bonus rates, etc., and provide recommendations if any.

f.         Assess or review
the estimates of probability and likely costs for a given event such as death,
natural disaster, or sickness for deriving the insurance liability.

g.       Analyse the
historical claims data and identify potential issues and trends and report the
findings.

h.       Assist in the
computation of actuarial liabilities in the event of special circumstances such
as an Initial Public Offering (IPO), merger, demergers, or acquisition of the
entity post taking into consideration relevant actuarial practices.

i.         Assist in
preparation/review of Embedded Value and other key metrics such as Annualised
Premium Equivalent (APE), Value of One Year’s New Business (VoNB), New Business
Margin, and Solvency ratio for an insurance entity.

Developing/building of actuarial models

a.       Assist in
building or maintaining actuarial models using statistical tools such as
R/Python/SPSS/SAS or others, including validation of models as required. This
can include the calculation of actuarial reserves under different GAAPs.

b.       Assist in
performing User Acceptance testing (UAT) for models (including the CSM model
under IFRS 17) built by the client and help evaluate the model’s performance
and provide recommendations, if necessary, to ensure a successful Go-live.

c.       Assist in the
preparation or review of credit risk modelling for reinsurance recoverable,
receivables, and premium receivables and confirm that the models are built-in
with the necessary controls.

d.       Perform a current
state assessment of the client’s existing model architecture design and assist
the client in achieving future state design/objectives, including making the
model more comprehensive, increasing efficiency, flexibility, reconciliation of
results, providing insightful analysis, etc. 

e.       Assist in model
governance to ensure controls built are effective and provide recommendations,
if necessary to enhance the robustness of the model.

Implementation of different GAAPs:

a.       Understand the requirements
of IFRS 17 and provide assistance in facilitating its implementation.

b.       Review data,
methodologies, assumptions, and results along with the ability to analyse the
difference between IFRS 17 and IFRS 4 / Indian GAAP / US GAAP results.

c.        Assist in
preparing gap report which primarily includes differences between methodologies
under IFRS 17 vis a vis previous GAAP (Indian GAAP / US GAAP).

d.       Calculate the
insurance liabilities under IFRS 17 (preferably under GMM, VFA, and PAA model)
and send the numbers to the accountants for the preparation of financial
statements.

e.       Drive and oversee
the end-to-end reporting process and control for Actuarial, including data
preparation (set up of model, model points, and assumptions) in an auditable
manner for IFRS 17 / US GAAP reporting.

f.         Lead the work of
standards interpretation including ad-hoc research under IFRS 17 / US GAAP and
technical solutions to support and assist with system implementation if
required.

 Other areas:

a.       Preparation of
report/memo sent to stakeholders showing results of the analysis.

b.       Stay informed of
current business/economic developments relevant to the insurance industry
within and outside India.

The
above activities will relate to clients in India and overseas geographies such
as Americas, Europe, Middle East and Asia.