Actuarial and Risk Modelling for Insurance
The two basic types of models used in actuarial modelling are deterministic models and stochastic models. Deterministic models are the simpler of the two. They both use estimates of probabilities for each event, and they predict the number of events that will actually happen based on these estimates. Stochastic models allow for more randomness, but they require more computational power.
Finalyse combines a technological perspective with a practical approach to actuarial and risk modelling, helping insurers manage this balancing act along each step of the process.
How does Finalyse address your challenges?
Model controls and processes:
Review current control environment, governance and documentation, model issues and incident management and formal change control process
ESG validation:
Review the asset models appropriateness, verify the appropriateness of the ESG calibration process, verify the appropriateness of the ESG outputs and produce sensitivity analysis
Tools we use:
VBA for Excel, SQL, R, Python, SAS, Power of BI, Machine Learning, Prophet modelling and coding, ResQ, Moody Analytics RiskIntegrity IFRS17 modelling, SAS for IFRS17
Actuarial modelling and pricing:
Review, enhance and produce models for both actuarial reserving and actuarial pricing using the latest sophisticated techniques such as machine learning for pricing
Partnerships:
We have a long and successful partnership with SAS and Moody’s in implementation projects including IFRS17 and IFRS9
IFRS17 Actuarial Modelling experience:
IFRS17 implementation, testing, configuration and testing, Pre-defined use cases, Pre-defined validation policy and process and CSM Prototype
How does it work in practice?
Finalyse’s actuarial and risk modelling cycle:
Examples of Our Software Integration Modelling Partnerships:
Key Features
- Given the ever-increasing regulatory scrutiny in the context of the Solvency II European framework, we ensure that the internal models/actuarial models respect the fundamental guiding principles and accepted market practices.
- Finalyse provides solutions tailored to your modelling methodologies and business requirements.
- We carry out the following types of model reviews: structural review, high level reasonableness review, test results, limited review of key areas, logical accuracy review, technical review, model points testing and independent replication of model.
Francis is a Principal Consultant in charge of our insurance practice in Dublin. He has 15 years of experience within the life and non-life (re)insurance industry. His expertise covers the areas of financial reporting, prudential regulation, and actuarial modelling. Francis has worked in both industry and consulting with extensive exposure to Solvency II and BMA-regulated clients and a keen eye on new regulatory developments.
Bence is a senior actuary with 20+ years of experience in life actuarial science and reporting in Solvency II, IFRS, BMA EBS and ICS regulations. His focus has been on actuarial and risk modelling - including capital projections, market risk management and internal model validation – and ERM framework design. Bence delivers business transformation, reinsurance, new authorisation and M&A projects and is keen on applying machine learning and data analytics for actuarial use cases.
Divyank is a Senior Consultant with more than 8 years of experience and a part qualified Actuary. He has acquired expertise in Solvency II, IFRS17 and MCEV reporting and has worked for life and non-life business. He has extensive experience in Prophet modelling, DCS, statutory valuation and IFRS17 implementation and his coding skills include Prophet and DCS modelling, SAS, VBA, R.
Jayadevan is a qualified Life Actuary with expertise in actuarial modelling, reporting and insurance regulation. He has gained significant Actuarial risk modelling experience through AXIS & SQL model migration projects, and setting up valuation models in AXIS. Jayadevan has also worked in a risk manager capacity where he has developed recovery planning documents and is well versed with the guidelines and regulations for recovery planning.
Finalyse InsuranceFinalyse offers specialized consulting for insurance and pension sectors, focusing on risk management, actuarial modeling, and regulatory compliance. Their services include Solvency II support, IFRS 17 implementation, and climate risk assessments, ensuring robust frameworks and regulatory alignment for institutions. |
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BMA Regulations
Designed to meet regulatory and strategic requirements of the Actuarial and Risk department
Solvency II
Designed to meet regulatory and strategic requirements of the Actuarial and Risk department.
Outsourced Function Services
Designed to provide cost-efficient and independent assurance to insurance and reinsurance undertakings
Finalyse BankingFinalyse leverages 35+ years of banking expertise to guide you through regulatory challenges with tailored risk solutions. |
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AI Fairness Assessment
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FRTB
In 2025, FRTB will become the European norm for Pillar I market risk. Enhanced reporting requirements will also kick in at the start of the year. Are you on track?
Finalyse ValuationValuing complex products is both costly and demanding, requiring quality data, advanced models, and expert support. Finalyse Valuation Services are tailored to client needs, ensuring transparency and ongoing collaboration. Our experts analyse and reconcile counterparty prices to explain and document any differences. |
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Independent valuation of OTC and structured products
Helping clients to reconcile price disputes
Value at Risk (VaR) Calculation Service
Save time reviewing the reports instead of producing them yourself
EMIR and SFTR Reporting Services
Helping institutions to cope with reporting-related requirements
Finalyse PublicationsDiscover Finalyse writings, written for you by our experienced consultants, read whitepapers, our RegBrief and blog articles to stay ahead of the trends in the Banking, Insurance and Managed Services world |
Blog
Finalyse’s take on risk-mitigation techniques and the regulatory requirements that they address
Regulatory Brief
A regularly updated catalogue of key financial policy changes, focusing on risk management, reporting, governance, accounting, and trading
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Latest Blog Articles
Contents of a Recovery Plan: What European Insurers Can Learn From the Irish Experience (Part 2 of 2)
Contents of a Recovery Plan: What European Insurers Can Learn From the Irish Experience (Part 1 of 2)
Rethinking 'Risk-Free': Managing the Hidden Risks in Long- and Short-Term Insurance Liabilities
About FinalyseOur aim is to support our clients incorporating changes and innovations in valuation, risk and compliance. We share the ambition to contribute to a sustainable and resilient financial system. Facing these extraordinary challenges is what drives us every day. |
Finalyse CareersUnlock your potential with Finalyse: as risk management pioneers with over 35 years of experience, we provide advisory services and empower clients in making informed decisions. Our mission is to support them in adapting to changes and innovations, contributing to a sustainable and resilient financial system. |
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