ACTUARIES & CONSULTANTS
Insurance, Risk & Regulatory Consulting ABOUT US OUR SERVICES MEET THE TEAM PROJECT PORTFOLIO

ACTUARIES & CONSULTANTS
Insurance, Risk & Regulatory Consulting ABOUT US OUR SERVICES MEET THE TEAM PROJECT PORTFOLIO

ACTUARIES & CONSULTANTS
Insurance, Risk & Regulatory Consulting ABOUT US OUR SERVICES MEET THE TEAM PROJECT PORTFOLIO

ACTUARIES & CONSULTANTS
Insurance, Risk & Regulatory Consulting ABOUT US OUR SERVICES MEET THE TEAM PROJECT PORTFOLIO

ACTUARIES & CONSULTANTS
Insurance, Risk & Regulatory Consulting ABOUT US OUR SERVICES MEET THE TEAM PROJECT PORTFOLIO

ACTUARIES & CONSULTANTS
Insurance, Risk & Regulatory Consulting ABOUT US OUR SERVICES MEET THE TEAM PROJECT PORTFOLIO

At Polaris Actuaries and Consultants we specialise in the area of Finance and Risk Function transformation and change.

At Polaris we have in-depth experience of across a range of practice areas. By combining our disciplined approach to delivery management and the technical skills of our consultants, we will work with you to implementing our range of service solutions discussed below.

Specialist Project Support

At Polaris we help our clients deliver a range of actuarial services. Whether driven by industry wide changes to regulatory requirements, changes to insurance accounting standards or organisational changes specific to the firm, Polaris can help.

If you are undertaking a major programme of strategic change, something more tactical or just undertaking a one-off assignment that requires specialist support, contact us about your needs. Our leadership team has wide ranging experience in consulting practice and industry we so can tailor our services accordingly. Our services will be delivered by consultants with unparalleled experience and credentials.

Solvency II

At Polaris we have significant experience of Solvency II. We have successfully delivered approved Internal Models for our clients and supported clients with implementation of regulatory improvement plans and model changes. We have also supported clients with economic capital models and advised clients preparing for the new regulatory capital regime in Hong Kong.

Please get in touch if you are considering an Internal Model application or if you are embarking on any complex or major change to an already approved Internal Model. We would be happy to a have a no obligation discussion about the options and approaches available. We also offer a complementary, no obligation review of your Internal Model methodology to help identify possible areas for improvement and optimisation.

Capital Optimisation

OptiMA™ software has been developed to help insurance firms optimise the Matching Adjustment (MA) calculation. By optimising the level of the MA liability offset, the software is a valuable addition to an insurer’s capital management toolkit. OptiMA™ is based on a methodology that works specifically on optimising the MA hypothecation step. The software uses an algorithm to determine the maximum MA at the same time as meeting all of the PRA tests.

The approach has been successfully applied by a number of insurance companies in the UK, including LV= who have written an article in the publication Insurance ERM. Our clients have seen significant improvements in the efficiency of their capital calculation. OptiMA™ has enabled reductions to BEL of 0.5% to 1.0% and significant reductions in SCR.

Risk Management

Polaris has developed RiskScape, a risk, capital and performance management framework that embeds risk management into an insurer’s operations. RiskScape is designed to ensure that risk management is central to running the business. RiskScape ultimately aims to improve protection for policyholders through embedding improved risk, capital and performance management though enhanced processes and procedures that support key risk function operations. Polaris provide the tools and advice to enable clients to achieve this.

If you are planning to implement changes to your Risk Function, either as a result of regulatory changes or regulatory review, or if you just want to be at the cutting edge of risk management talk to us about RiskScape.

IFRS 17

The new standard for insurance contracts IFRS 17 will impact all current IFRS reporters in the UK when it comes into effect. The standard aims to enhance the comparability and transparency of financial reporting between insurance firms and improve current regulations where the risks associated with insurance contracts are not fully taken in to account.

As part of its implementation insurance firms should be focused on ensuring the profit recognition associated with insurance contracts best reflects on its financial position and on ensuring they are ready for the increased disclosure requirements.

Polaris can assist with all aspects of implementation: methodology development, actuarial modelling and reporting processes optimisation.

Governance

Strong governance and control of reporting systems and processes is essential to any insurance company. Polaris has experience of developing policies and standards as well as pragmatic solutions for implementing and embedding governance requirements at an operational level.

Polaris can provide clients with the solutions to strengthen the systems of control around new or existing actuarial and risk management reporting processes and systems. Whether this arises as a result of new regulations, restructuring or you are just seeking to enhance the governance and control framework that applies in your existing actuarial or risk function, we can help.

In addition Polaris can provide programme governance support services for major strategic projects.

Board Training

A complex transformational programme, especially one that involves changes to regulatory requirements, financial reporting or accounting standards often necessitates delivery of Board training solutions to maintain its effectiveness.

Our Board development and training programmes can be designed and delivered in a format that's specific to the needs of your organisation and your board of directors. In every case, we will take a thorough brief from you on your requirements, your desired outcomes and take into account individual capabilities across board members.

We can deliver training programmes using webinar technology, so that training sessions can be run remotely where your organisation requires this flexibility.

Programme Management

Strong and dedicated Programme Management is one of the key ingredients to navigating the route to successful project delivery. Comprehensive planning, meticulous budgeting, careful cost management, clear and regular stakeholder communication are all at the heart of good Programme Management.

At Polaris we believe that what makes a critical difference between good and great Programme Management is the skill to foresee issues and provide the right direction to ensure the project has capacity to react.

Programme Management is one of the core services offered by Polaris. This can be on a standalone basis or as part of an engagement to deliver an overall programme of work.

Strategy and Planning

A company's actuarial function and reporting systems are central to any major programme of change. Our strategy and planning service helps actuarial and risk management maximise productivity, reduce risk and align operations with business plans.

We offer a range of services to improve the processes and procedures that support actuarial reporting and risk operations. We can support all of the major actuarial modelling platforms (including Prophet, MoSes, SAS, MATLAB). We provide advice and implementation support so that clients can significantly improve the stability and efficiency of reporting processes.

We also offer modelling and data management services to improve the agility of models to provide management information; this includes the design and implementation of proxy modelling techniques.

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