Insurance and Private Pension

Helping insurers' success, from strategy through execution.

As the leading provider of professional services to insurance organizations, PwC has extensive knowledge of the issues, trends and challenges that insurers face.

How can we help?

The insurance industry is undergoing fundamental transformation as it comes up against the impact of new regulation, new technology, accelerating shifts in consumer demand and mounting competition. In the face of so many disruptive challenges, it’s important not to lose sight of the huge opportunities they’re creating for insurers.

To make the most of these opportunities, we can help organizations look beyond the traditional boundaries of the insurance business to embrace new ways of working, new ways of interacting with customers, and whole new possibilities in what their business can deliver.

Institutions that we serve:

  • Insurance companies
  • Reinsurance companies
  • Brokers
  • Agencies
  • Assistance companies


 


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Actuarial services

As part of PwC's actuarial network in Europe, the PwC Turkey actuarial team is able to serve you on a variety of issues such as reserve calculations, compliance, pricing and risk management.

Our services to insurance companies

  • Actuarial valuations for life and non-life companies
  • Claims analysis
  • Legislative compliance of provisions
  • Analysis of life companies’ value calculations
  • Risk modeling and model validation
  • Non-life pricing practices
  • Development of life companies valuing models
  • Product profitability models, segmentation and tariff analysis
  • Reviewing of company business plans
  • Actuarial consultancy in company acquisitions and mergers
  • Capital calculations in accordance with Solvency II
  • Reviewing of QIS5 calculations and assumptions
  • Preparing QIS5 balance sheet in accordance with technical document
  • Training and workshops
  • Consultancy on compliance with Solvency II
  • Consultancy services for new companies in the establishment stage.

Our other services:

  • Valuation of benefits provided to employees and its accounting based on IFRS
  • Services for establishing corporate risk management systems

Solvency II

Solvency II is an EU insurance regime aimed at creating a single insurance market and insurance regulation within the European Union. Solvency II also provides essential changes for the capital adequacy calculations and the corporate governance and risk management of companies. According to Solvency II, companies are obliged to measure their assets and liabilities on a risk-based basis. Moreover, companies have to establish key functions such as risk management, actuarial, internal control and internal audit under corporate governance principles and integrating them into decision making mechanisms.

In order to integrate Solvency II into the business model, it is necessary to fulfill the obligations of data quality, system and process, corporate risk management and transparency issues, and this requires significant time, investment and resources.

PwC Turkey's Solvency II specialists add value to your business with an overview of current situation and determination of a roadmap for compliance, risk-based capital calculation, preparation or review of the QIS 5 studies in accordance with the technical documentation, specific training on Solvency II, establishment of corporate risk management systems and its integration with the business model.

Tax services

  • Tax consultancy for the companies which are in the establishment phase,
  • Tax consultancy and full certification services within the framework of tax regulations and insurance legislation,
  • Consultancy on transfer pricing issues by supporting documentation requirements,
  • Corporate tax compliance services (tax certification),
  • Tax diagnosis and special tax reviews,
  • Company-specific tax trainings, insurance industry specific tax trainings

For more details 

Trainings

  • Training services on compliance analysis, accounting principles for budget and strategic plans, and budget preparation according to IFRS or Group Accounting Policies,
  • Technical trainings in accounting applications,
  • IFRS technical trainings,
  • Company-specific tax trainings,
  • Insurance industry specific tax trainings

For more details

Financial statement audit

  • Auditing of financial statements or reporting packages based on statutory accounting principles, IFRS or Group Accounting Policies,
  • Compilation of financial statements according to IFRS or Group Accounting Policies,
  • Analysis of accounting principles of financial statements/datas and technical provisions for the compliance of legislations, IFRS or Group Accounting Policies and reporting the discrepancies.
  • Technical support on compliance analysis, accounting principles for budget and strategic plans, and budget preparation according to IFRS or Group Accounting Policies,
  • Analysis on transitory accounts used in the first adoption of IFRS or Group Accounting Policies.
  • Accounting, finance and tax consultancy for the companies in the establishment stage,
  • Technical support and consulting on merger and acquisitions accounting and portfolio transfers
  • Support services for application of IFRS and statutory accounting requirements
  • Valuation of insurance portfolio
  • Technical advice / assistance for portfolio transfer, purchase analysis and acquisition accounting
  • Technical support and advisory services for companies in the preparation of accounts in compliance with International Financial Reporting Standards and also American and European standards
  • Special analysis on technical provisions in line with legislations.

Click for more information about IFRS Reporting

Risk assurance services

The services we offer under “Risk Assurance Services” focus on the risks of insurance and pension companies and the development and enhancement of basic controls related to their process and technology structures applied to manage these risks, and therefore a more effective management.

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Consulting and Deals

  • Testing and development of customer analytics and alternative products, pricing and distribution channels to increase customer loyalty and understand the impact on demand
  • The creation of alternative distribution channels, channel optimization and the profitability of distribution channels
  • Sales and channels identification
  • Sales workforce efficiency
  • Incentive and commission optimization / KPI Modeling
  • Support to find business partners
  • Centralization of operations and accounting functions
  • Technical profitability enhancement services
  • Cost optimization
  • Risk modeling
  • Customer profile analysis / segmentation
  • Credit risk management
  • Improvement of damage processes and centralization
  • Improving supplier relationships
  • Development of communication systems
  • Supplier classification
  • Development of processes and control systems
  • Support for feasibility studies for the companies in the establishment stage,
  • Support for preparation of business plans
  • Valuation and modeling studies
  • Advisory on mergers and acquisition
  • Consultancy for the companies in the establishment stage on finance, tax, legal requirements and legislations
  • Technology for differentiation
  • IT Strateji Uygulaması/Geçerliliği

Contact us

Talar Gül
Insurance and Private Pension Industry Leader
Tel: +90 212 326 6073
Email

Umurcan Gago
Tax Services Partner
Tel: +90 212 326 6098
Email

Engin Alioğlu
Advisory Services Partner
Tel: +90 212 376 5304
Email

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