United Kingdom

Actuarial Advisory Services 

The continuing uncertain economic climate has brought business unprecedented levels of change and has forced insurers to look closely at the way they run their business.


Insurers are focusing on the future to decide how to change their business and operating models to remain competitive while maintaining compliance with a changing regulatory landscape.


Our actuarial insurance practice works with other KPMG technical and sector specialists to help insurance clients prepare for the future.

 

What's on your mind?

 

  • In response to an increasing emphasis on risk management, insurers are enhancing their ability to measure and manage risk; they are further embedding risk management into business operations
  • There is increasing demand for quality information, with Boards, regulators and financial markets all expecting robust reporting, delivered more quickly than before
  • Available capital needs to be used as efficiently as possible, while balancing regulatory requirements for measuring 'risks' and liabilities and holding capital for future events 
  • With full Solvency II implementation still some way off, getting value from work that has been done to date is an increasing priority.

 

Bringing you peace of mind


We have 460 insurance actuaries in 21 countries across Europe, and global actuarial resources of over 700. Our UK team of more than 200 staff are based in London, Edinburgh, Manchester, Bristol and Gatwick. Our team brings deep practical experience and provides a full range of skills, helping insurers across a number of areas:

 

  • Risk and Capital Management: Enhancing the understanding of risk and capital and how they can be best managed to meet current and future business needs. 
  • Process and Model Improvement: Improving the process, systems, organisation and governance of the actuarial and reporting functions including model redesign and process improvement, ranging from small scale reengineering of individual processes to full scale finance transformation programmes. 
  • Transactions and Restructuring: Assisting with actuarial aspects of acquisitions and disposals, executing business transfers, and providing litigation support. 
  • Solvency II: Implementation and assurance across all three Pillars, including advice to both Standard Formula and Internal Model firms on design implementation and validation of their balance sheets, risk management frameworks/systems, setting and monitoring risk appetite, ORSA and reporting. 
  • With profits: Expert advice on management of with-profit funds including preparation of planning for, and preparation of, run-off plans. 
  • Regulation: Advice on interpretation and implementation of regulatory change.
  • Reserving: Advice on reserving  segments and methodologies, experience monitoring, independent reserve reviews, Statements of Actuarial Opinion, Technical Provisions calculations and documentation.
  • Pricing: Review pricing methodologies and processes, GLM and rating factor analyses, rating model advice, capture of rate change information, optimal use of data and enhancement of underwriting efficiency. integration of reserving and pricing functions
  • Independent expert:  Part VII transfers and provision of regulatory and Court reports  

 

What's in it for you? 

 

Clients benefit through better business performance, for example via:

 

  • Integration of capital, performance and risk management to help, for example, your capital models to meet the regulatory and ratings requirements and to manage overall regulatory capital requirements. 
  • Lower costs through systems and processes being closely aligned with business needs, facilitating efficient business decisions consistent with business strategy and risk appetite. 
  • Increased efficiency of capital through better steering and planning with greater transparency on the link between risk and return.
  • Increased understanding of business drivers through better understanding of the performance of individual lines of business and their interdependence, flowing through to pricing decisions.
  • Manage the impact of litigation through the provision of independent expert witness services and litigation support.
     

Why KPMG? 

 

  • Our team of over 460 actuaries across Europe has a core modelling capability of over 50 UK based life insurance specialists with Moses and Prophet experience, which is one of the largest of any actuarial advisor. 
  • Our team has a diverse range of critical skills and experience gained from backgrounds working in both consulting and in industry – with both small and large firms.
  • Our actuaries are an integral part of our Insurance Advisory team, which includes specialists in risk, regulation, audit, performance improvement, tax and corporate finance. 
  • Our actuaries and risk specialists operate as a single team to cover a very wide range of different risk types (e.g. credit, operational, fraud, market, group, regulatory), allowing our actuarial specialists to bring the best of all disciplines to our clients.


 

Contact

Tim Roff

Tim Roff

Partner

KPMG in the UK

 

020 7311 5001

Email Tim

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