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Actuarial services to insurance companies - UAB „Baltic Actuarial Consulting“
UAB „Baltic Actuarial Consulting“
Actuarial services

Actuarial services to insurance companies

We offer independent actuarial advice on various aspects of life and non-life insurance. Our key services are described below:

  • Outsourcing of actuarial function. We offer the actuarial outsourcing services on temporary or permanent basis. Our services cover fully the statutory actuarial responsibilities such as: 

      - Calculation of technical provisions
      - Preparation of a statutory actuarial report
      - Solvency assessment
      - Other responsibilities

On demand we perform additional tasks such as a preparation of reserving methodology, budgeting and business planning, experience analysis, product pricing, risk management and other tasks.

  • Review and improvement of actuarial processes and controls. Usually the aim of these services is to improve accuracy, speed, relevance and reliability of the work performed by the actuarial function. The project scope may include actuarial function set-up, processes, controls, methodologies, documentation and other areas. 
  • Insurance accounting related services. The new insurance International Financial Reporting Standard will fundamentally change the insurance accounting framework. The impact on reserving and revenue recognition and presentation from the insurance contracts for the purposes of financial reporting will be extremely large. The transition to the new IFRS will have major implications on data, methodologies, processes, controls and other areas in the organisation. Our services are designed to help coping with these challenges. 
  • Advice on Embedded values. In setting up embedded value reporting insurers face a number of challenges related to development of methodologies, model design, development and validation, establishing relevant processes and controls. Our services are designed to help coping with these challenges. 
  • Pricing and product development. We offer assistance with development of pricing methodologies, statistical analysis and estimation of parameters, setting up pricing and product management process. 
  • Training to management and employees. We provide training to management and employees on various actuarial and insurance topics such as Solvency II, insurance IFRS, risk management, Embedded values, reserving and other. 
  • General actuarial advice. We provide a wide range of other consulting services including independent actuarial assessment, development of actuarial methodologies, model validation, process improvement and other areas.