Health Insurance Consulting & Advisory Services

Our Health Actuary led the Indian consulting team which helped in implementation of Obamacare in the US. With strong Business Planning and Strategy experience in the Health Insurance domain in India and US, we have developed capabilities which help Health Insurance companies in achieving sustainable growth. We are also one of the few consultants who have brought together the strength of Actuarial and Analytics skills in Health Insurance.

Product Designing & Pricing

- Product Design Advise based on thorough market research of Competitors, Customer needs & Financial Viability of the product
- Competitive Pricing of the products using robust Actuarial technique
Experience Analysis & Assumption Setting
- Study and Analyze the experience of your organization for Lapse, Surrender, Paid-Ups, Expense, Mortality, Morbidity, Loss Ratios etc.
- Based on the Analysis, assistance in setting up assumptions for purposes such as Pricing, Valuation of liabilities, Financial Reporting etc.
Business Planning & Strategy
- Assist in preparing a Strategy for Business Growth based on experience analysis, competitor study and market analysis amalgamated with Management Vision
- Prepare Business Plan model to project Financials and Assist Management
Market Research & Filing
- Market research of – competitors’ product suite, customer needs, latest trends, etc.
- Preparation and Assistance in the Regulatory Filing procedure of Products.
Process Audit & Review
- Processes Audit to close/hedge loopholes
- Support to the management to ensure Best practices
Reserving & Capital Modeling
- Preparation of Reserving models (Prophet and Excel) for Statutory Valuation as well as for Internal reporting
- Capital projection models
Statutory Reporting
- Assistance in preparing Statutory Reports viz. Valuation Reports, Solvency Reports, ALM, Economic Capital, Analysis of Surplus Financial Condition Report etc.
- Review of Statutory Reports, Valuation methodology and processes
Prophet, Excel & VBA Modelling
- Expertise in Excel, Prophet & VBA Modelling
- Detailed documentation and thorough testing of the models & methodology
- Accurate in cashflow projections to ensure appropriate valuation
Risk & Asset – Liability Management
- Study and Analyze the experience of your organization for Lapse, Surrender, Paid-Ups, Expense, Mortality, Morbidity, Loss Ratios etc.
- Based on the Analysis, assistance in setting up assumptions for purposes such as Pricing, Valuation of liabilities, Financial Reporting etc.
Financial Reporting
- Financial reporting – Reserves, RBC, Solvency.
- Assistance and review of Financial Reporting Process
Economic Capital Modelling/Cost of Guarantee
- Vast expertise in Economic capital or Risk based capital (RBC) modelling for various companies globally.
- Expertise in calculation of Cost of Guarantee for non-participating, participating & linked businesses
Deterministic Analysis for Regular MIS
- Deterministic Analysis for Regular MIS reporting and Setting up Regular Reporting Dashboards for determining Sales, Marketing, Finance, etc. performance
IT & Other Operational Efficiencies
- Improving operational efficiencies has been a hallmark of our Principal Actuary
- Vast experience in liaising with IT for setting up products and Actuarial systems
Data Systems & Standardization
- Data is an asset build today to reap enormous benefits in future
- Provide guidance in setting up Standard data systems
- Standardization of IT data formats & Actuarial data reports
Hiring/Building Teams
- Help you hire the right talent as per your work requirement from shortlisting candidates to interviewing and recommending
Man-power support/secondment of highly skilled resources
- Actuarial man power support provided on need basis and helps to meet cyclical work demands
- Addresses resource need and manage cost in Initial days of Setting up of Actuarial team
Peer Review
- Peer review of Annual Actuarial Valuation Process & other Statutory Reports
- Peer Review for purposes of Management Reporting
Analytics for Health Insurance
- Predictive Analysis to understand the Market needs and design the product accordingly, to help boost in sales
- Predictive Analysis of the behavior of policies already written to help better claim management
- Web Crawling: Using Advance Data Science Techniques to help you reduce manual efforts to gather market data and information for e.g. product details and prices of competitor.