Actuarial Consulting

Our team of professionals combine the skills of actuaries, statisticians, mathematicians, insurers, financial planners and investment analysts into a common procedure committed to providing the suitable financial advice. Our actuarial Consulting services range from executing definite tasks such as listed below to training actuarial analysts to taking over the role of an actuarial department and crafting strategy. Our actuarial Consulting services include, but not limited to:

Financial Condition Reporting

A Financial Condition Report (FCR) basically provides publicly available information regarding the company which can be used by policyholders, shareholders and other stakeholders. Thus, the report is understandable to the average policyholder who may not have significant knowledge of financial or insurance concepts.

FCRs are a statutory requirement for insurance companies in Ghana as specified in Solvency II Regulations. These solvency reports reflect on the condition of solvency an insurance company, considering both the current financial status, as reflected in the balance sheet, and an assessment of the ability of the company to survive future risk scenarios.

The report covers mainly;

  • Business Profile and Performance
  • Governance system
  • Risk Profile
  • Capital Management
  • Stress Testing and Back testing
  • Premium Adequacy
  • Asset-Liability Management
  • Reinsurance Assessment

Actuarial Valuation reporting

An Actuarial Valuation report (AVR) provides an overview of your technical provisions and how it impacts your firm’s financials. This report provides a breakdown of liabilities including;

  • Outstanding claims
  • Unearned premium reserve (UPR)
  • Incurred but not reported claims (IBNR)

Independent Actuarial Audit

Our Independent actuarial audit plan reviews data, estimations and methodologies that are used in arriving at technical provisions as well as review the adherence of the calculations and methodology used in determining minimum capital requirements to the criteria established by the specific legislation inspecting authority.

As part of our actuarial audit services, we analyse product pricing to ensure profitability targets are met, prepare actuarial technical notes and general conditions and design company business flow aiming at best economic value for current and future business.

Actuarial Audits for both insurance firms and for pension plans are helpful as they;

  • Allow for credibility check of actuarial valuations to ensure that it was performed with strict adherence to actuarial standards of practice
  • Give way for rectification of errors that may have gone unnoticed
  • Provide assurance on how pension plan is governed and if it is able to meet the objectives of the fund
  • Provide recommendations for enhancing actuarial valuation processes in relation to the data that is used, how information is presented and other areas of relevance

Actuarial Valuation (Employee Benefits and Compensation

An actuarial valuation analysis and compares the assets and liabilities of an employee benefit / compensation plan. This is crucial in order to assess the long-term sustainability of a defined benefit pension plan and can serve as a decision-making tool for plan sponsors since these plans have financial obligations that will be fulfilled anytime in the near future.

The purpose of the actuarial valuation also helps to inform plan sponsors of the amount that needs to be contributed each year to adequately fund benefits, assess the progress of the fund over the years and mitigate risk by uncovering risk exposure related to the funding of benefits.

We conduct actuarial valuations where;

  • You want to assess the amount of contribution needed to make your benefit fund or trust
  • You want to be aware if the level of assets you possess is enough to back your employee benefit liability. If not, we aid in reconstructing your benefit plan or provide advisory on how to maximise the benefits of the plan
  • You want to know the financial obligation in the case of a merger or acquisition
  • You want to settle the liability in the process of the company winding up or as part of discontinuance of operations

Retirement Consulting

For Business owners and corporations, AMBER brings on board expertise and dedicated resources that assist you to realise their tailored retirement plan solutions, where we assist you with a thorough review of your investment policy statement and help you maintain plan compliance. We aim to help you to achieve an efficient and feasible retirement plan that will attract and retain valuable employees and prepare them for life in retirement by helping you to sort through the many choices in retirement programs to create one that aligns with your corporate objectives and helps employees meet their goals. We address all aspects of your employee retirement plans: investments, legislation, compliance, cost control, reporting requirements, ethics, and more.

Our Services will help you to:

  • Comprehend the multifaceted retirement plan marketplace
  • Consistently track industry trends
  • Stay abreast with the latest legal and regulatory standards in the pensions industry
  • Make the right choice in selecting a pensions service provider

Actuarial Services

  • Documentation to acquire license as an insurance firm
  • Embedded Value Valuation
  • In-house Actuarial Skills training