We provide companies with the following actuarial advisory services
- Best estimates for insurance reserve accounts (IBNR)
- Pricing and reserve instrument implementation
- Actuarial and financial modelling
- Calculations of embedded value
- Accident rate and premium insufficiency analysis
- Financial, accounting and reporting support as per international standards; advice on compliance with standards; impact analysis and implementation and organize training
- Responsible actuary services
- Comprehensive audit of actuarial process and results
Life and non-life insurance companies
We help insurance companies meet their new financial reporting needs, especially in relation to financial reporting changes (e.g. reserves based on insurance agreements and principles), by assessing financial and commercial impacts of insurance and relevant legislation changes on insurance and reassurance companies operating in the Turkish insurance sector and creating implementation plans.
Risk, capital management and capital calculations in line with Solvency II
We determine insurance and reassurance company levels of preparation for compliance with Solvency II, advising on the development risk management and on regulatory changes, helping to design and implement corporate risk management frameworks, analysing expected impacts of Solvency II on companies and measuring and managing risk-based capital for a set of legal, internal and external requirements including economic capital. We help improve operations, profitability and competitive position by using analytical and simulation models.
Provisions for severance pay
We calculate severance pay provisions, which must be paid to some employees who meet certain conditions, and estimate when and how much severance is paid to employees using the most correct and trusted actuarial assumptions.
Important commercial and regulatory improvements require companies to improve finance, actuary, risk and capital management implementations in the insurance sector. We help insurance companies develop their finance, risk and actuarial organizations by determining the instruments, skills, competencies and resources that might help these companies reach their business strategy targets and respond to market developments effectively. We help companies measure and manage risk and optimise business performance.
Loss and insurance transactions
We increase the efficiency of operational transactions in insurance and reassurance companies, analysing unpredictable reserve development, making systemic improvements and decreasing costs by improving losses and management protocol processes. We ensure insured persons are satisfied with loss and insurance transactions which result from technological improvements and we ensure company resources are used in the most effective way. With regard to requests and expectations from companies, we analyse the current insurance/loss processes and optimise the relevant processes by determining strategies based on the results and needs indicated by these analyses.