Triple IQ Actuaries and Consultants is a leading bespoke actuarial consultancy of choice offering a variety of client solutions.
We are a specialist actuarial consulting firm offering bespoke business solutions and consulting services to insurance clients in the UK, Isle of Man, Europe and Africa. We primarily support insurers with solutions and extend our services to other financial organisations including pension funds and health maintenance organisations.
IFRS17
The new standard for insurance contracts IFRS 17 which came into effect from 1 January 2023 will impact all current IFRS reporters worldwide. The standard aims to enhance the comparability and transparency of financial reporting between insurance firms and improve current regulations where the risks associated with insurance contracts are not fully taken in to account.
At Triple IQ we can assist our clients to move to the new standard. We can tailor our assistance to the client’s individual needs and help with gap analysis, full implementation, product profitability assessments and disclosures.
As part of the implementation, we can assist in the data infrastructure to ensure information is kept in robust structures and available readily for computation and provision of relevant management information.
Reserving and Capital Management:
Our experts have the management background to help you with all aspects of reserving and capital management, including:
- All aspects of Solvency II & SAM reporting, including capital requirements, annual reporting templates, asset reporting, Solvency and Financial Condition Report (SFCR) and Regulatory Supervisory Report (RSR).
- Risk identification including forward-looking assessment of solvency, ORSA projections and reverse stress-testing.
- Investment strategy including asset liability modelling and stress testing.
- Adequacy and suitability of reinsurance provisions.
- Regulatory impact on financial structures and governance framework.
Chief Actuary and Appointed Actuary Roles:
We can provide you with:
- Senior qualified actuaries to carry out the role of Chief Actuary as required by various regulators for either Solvency II or any other risk-based solvency regimes.
- Actuarial Function Holder or Appointed Actuary as required in the respective jurisdiction.
- Triple IQ actuaries appointed to these roles will work closely with the Board of Directors and Senior Management to ensure they provide the right insights and liaise with the regulators as necessary.
Product Design and Pricing:
At Triple IQ we know just how demanding it can be to bring a new product to market. We’re here to take the headaches away.
- Assistance with the actuarial pricing, design and marketing literature for new products.
- Experience in designing specialist niche products, particularly in the income protection sector.
- Implementation of new product designs into existing financial models for the purposes of regulatory reporting.
- Help with capital requirements, constraints, and regulatory reporting.
Specialist Project Support:
At Triple IQ we help our clients deliver a range of actuarial services.
If you are undertaking a major programme of strategic change, something more tactical or just undertaking a one-off assignment that requires specialist support, contact us about your needs. With a highly specialised team with wide ranging experience, we can tailor our services accordingly.
Strategic Reviews:
Every business needs to think about its objectives and how best to achieve them. We can offer realistic, practical solutions and support to make them happen.
- Helping businesses think about and reach their objectives.
- Working with senior management to help define their strategic goals and how they can be met.
- Helping Boards and senior management to make sense of the actuarial implications of any proposals.
- Provide Board and Senior Management training in various aspects including regulatory changes to ensure efficient running of our client companies.
- Highlight issues that have an impact on other aspects of a business’s functions.
- Undertake due diligence on new ventures, mergers or acquisitions.
Data Analytics & AI Services:
- Data Systems Services
- Big Data Services
- Data Visualisation Services
- Data Science Services
- Data Analytics Training Services
- Business Intelligence and Insights
Business Governance:
Establishing sound and reliable governance practices is integral for every organisation. As companies continue to expand their services, grow and evolve over time, it is imperative to always focus on efficiency in risk management, the development of an effective control environment and delivery of strategic goals to meet the expectations of both internal and external stakeholders.
The creation of comprehensive and supportive governance, risk and control frameworks should therefore be a top priority for all organisations, but the presence of strong governance can no longer be viewed as a reactive process. Instead, when faced with increasing uncertainty, organisations must take a proactive stance to manage risk and realise those opportunities that align with their stakeholder needs.
Ultimately, implementing effective governance, risk and control frameworks will facilitate this process and it is an area where we can provide significant support.
Pension Funds and Social Security Schemes:
- Private and Public Sector DB, DC and hybrid scheme actuarial valuations
- Actuarial valuations of social security systems
- Independent peer reviews of actuarial valuations done by other actuaries
- Scheme conversion, liquidations, transfers, individual calculations etc
- IAS19 valuations and other financial reporting matters
- Preparation of Investment Policy Statements
- Preparation of Risk Management Frameworks
- Input into national accounts and international accounting reporting
Enterprise Risk Management in Wider fields:
- Development of risks management governance policies and framework at an enterprise level
- Development of day to day risk tracking tools such as risk registers, board level risk reporting tools
- Developing models for risk quantification such as VaR, TVaR, ruin or tail extreme event modelling.
- Implementation of Risk Management Systems for certification purposes
Investment Consulting to Financial and Non-Financial Institutions
- Investment Policy Statement development
- Asset Liability Modelling
- Investment risk management and governance
- Real estate investment advisory
- Infrastructure investment advisory
- Impact investing advisory
- Financial modelling and analysis
- Determining debt and equity structure
- Determining credit enhancement structures
- Project financial risk management
Examples of how we can help include:
- Solvency II – We are leading experts in this field, both in actuarial activity but also in the development of the ORSA, and in how to satisfy governance requirements. We can guide you through the ongoing challenges you face with embedding down the regime within your operations.
- Board Governance – To satisfy the standards set by the SIMR / SM&CR, boards will need to structure themselves to deliver the prescribed responsibilities and the conduct standards defined in the PRA and FCA rules. An important aspect in this is an assessment process to establish “has the board defined its objectives adequately and is it effective in delivering them”. Our knowledge of best practice, and seeing many boards in operation, enables us to help you with such assessments.
- Risk Management Solutions – Effective risk management is seen by the regulators as the central core to good governance and successful deployment of the ORSA as a business management and capital planning tool.