Actuarial services help us to know the financial value of the risk impact in a corporation. These services are widely used in Insurance, Investment and Pension sector. An actuarial consultant will use statistical and mathematical models to evaluate the risk component in financial sector. He will advise the client on plans, policies that will make an impact on the financial health of the business.
Actuarial service for Insurance and Health Care:
This service was mainly used in this sector to determine the mortality rate and develop an insurance model.
• They help to design and develop insurance and health care products.
• They undertake analysis of accident rate and premium adequacy.
• In case of reinsurance contracts they help to draw them.
• Any losses known are analysed for adequacy of reserves.
• They provide advice on insurance transactions.
• Make sure accounting follows International standards when necessary.
Actuarial Service for Companies:
They help to develop,
• Financial risk management models.
• Manage credit risk management.
• Assets and Liabilities management.
• Analysis and Projection of Retirement benefits.
• Design and develop pension plans.
• Analysis of insurance contracts and coverage.
• Evaluation and selection of health coverage contracts.
Every area in business is subject to risk. These services pertained mostly to the insurance and investment sector where risk is high and helps to evaluate the financial impact of the risk component. But companies are also hiring them today to financially evaluate their contingent contractual relationships. Mercer, Milliman, PWC all provide actuarial services.
Actuarial consulting services are able to assess the nature and risk of business through mathematical, statistical and economical models.
They play a highly influential role in helping a corporate to take strategic business decisions. With them, your risk in business is effectively managed with less financial impact. Actuarial services help in managing the risks better and strengthening your market position.
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