Insurance companies are facing unprecedented challenges including increased regulatory reporting requirements, tighter constraints on capital, downward pressure on rates from strengthened competition and declining investment margins. Insurers need to address these issues while simultaneously effectively managing risk. In such a complex environment, companies need advisors with practical experience of the markets they operate in, together with the knowledge and skills to deliver immediately applicable approaches and strategies, tailored to the specific needs of the company. Actuaries play a vital role in identifying, assessing and advising management on how to address the risks which they face.