Services

A fundamental role for an actuary is to serve as Valuation or Appointed Actuary. GA actuaries serve many client companies in the role of Appointed Actuary and assist client companies with a myriad of valuation issues. We assist you in completing all required regulatory reports. Our clients rely on us for:

• Reserve systems for statutory, GAAP and tax reporting
• Actuarial Opinions for Insurance Annual Statements
• Asset Adequacy Analysis

Our modeling systems are valuable tools for a company to be able to analyze its current financial condition and future earnings capabilities. The ability to “slice and dice” earnings potential by business segment and period can be a powerful management tool, enabling companies to avoid costly mistakes and seize current opportunities.

IFRS 17 is a standard issued by the International Accounting Standard Board (IASB) in May 2017. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of January 1, 2023. The definition in insurance contract under IFRS 17 includes a risk-transfer feature that have significant impact on company’s financial reporting. GA can assist with the following:IFRS 17 is a standard issued by the International Accounting Standard Board (IASB) in May 2017. It will replace IFRS 4 on accounting for insurance contracts and has an effective date of January 1, 2023. The definition in insurance contract under IFRS 17 includes a risk-transfer feature that have significant impact on company’s financial reporting. GA can assist with the following:

• Classification of Insurance Contracts
• Determination of Liability Measurement Approaches
• Gap Analysis and System Impact Assessment
• Calculation, Aggregation and Disclosure of IFRS 17 Cash Flows & Results
• Sensitivity Analysis and Liability Adequacy Test
• Audit Support

GA have assisted African insurers with IFRS 17 implementation in the following markets: Nigeria, Cameroon, Ivory Coast, Guinea, Democratic Republic of Congo, South Africa and Mauritius.

Whether it’s developing new products or managing in-force business, we work closely with you to anticipate product needs and to stay a step ahead of your competition. We design and develop all types of insurance products, beginning with supportable actuarial assumptions upon which to base the plans and concluding with premium schedules, rates, values, policy forms and filing support.

Long-term success depends on managing your business to attain the profitable results envisioned for your market. Our documentation of business assumptions allows easy tracking of actual versus expected results so that critical adjustments to premiums, dividends, credited rates and/or charges can be made on a timely basis. We project the costs and benefits of each market, including the all-important “do’s and don’ts” that can spell the difference between success and failure.

Well-drafted policy forms and applications can eliminate unintended consequences. We draft policy and rider forms and provide documents and information required for filing with state insurance departments. We respond to regulatory questions in a professional and timely basis to encourage quicker approval times.

We help you set compensation structures and target objectives that translate into competitive products for the market. We have the connections necessary to realize a quick entry into defined markets.

Reinsurance plays an increasingly vital role in helping companies accomplish their financial objectives. We bring our clients valuable clarity in reinsurance structures, from renewable term death benefit protection all the way to financial reinsurance. We closely examine the details of treaties to arrive at viable suggestions for maximizing your company’s retention relative to your risk assumption capacity.

Employers count on our specialized service in managing employee benefit programs and other similar business risks including:

• Developing adequate and reasonable reserves for self-funded health plans
• Setting appropriate contribution levels for employees, retirees, and COBRA enrollees
• Understanding the costs and savings of benefit options for life, medical, long-term care, retirement, and workers' compensation plans
• Determining post-retirement or post-employment liabilities relating to group health and retirement plans
• Measuring cost-effectiveness and legal compliance of resource pools among employer groups
• Analyzing cost-effectiveness of PPO networks with special attention to reimbursement levels
• Comparing your costs to Benchmarks
• Regulatory valuations and disclosure for IAS 19

GA actuaries go beyond explicit actuarial calculations to put their extensive employer and insurer experience to work on your most pressing concerns:

• Workers' compensation costs
• Long-term costs and savings of consumer directed health plans including GAP plans, health care reimbursement accounts and health savings accounts
• Pros and cons of self-insurance
• Risk management focused on minimizing costs related to increased risk
• Effective communication of business risks, costs, and benefits to employees
• Should advance funding be considered?
• How can expenses and/or unfunded liabilities be reduced?
• What will the expenses look like in the future?
• What plan design modifications will optimize expenses and retiree appreciation?

GA offers essential support for your health plan, retirement plan, workers’ compensation program or other similar risks. We design action plans specifically for employers to comply with laws. If you provide medical benefits for your employees, we’ll make sure you’re always in compliance with new laws and standards.

GA works closely with employers’ service providers to enhance the potential of key practice areas. Advisors, brokers, third-party administrators, and other businesses catering to employers’ needs rely on the complementary services we can provide in a trusted and professional manner.