Background:

In 2019 our client acquired OnePath Life, one of the largest insurers in Australia. As part of the complex migration programme, our client was in need of actuarial assistance in a wide range of areas. These included:

• Quoting and alteration capability for all in-force business.
• Prophet modelling.
• Complex alteration assistance.
• VPMS development assistance.
• IFRS17 assistance.

Quoting and alteration capability:

ZAQ developed a streamlined calculator that can be used by the alterations team to perform complex policy alterations. The tool had to cater for all in-force business, streamlined to minimise alteration processing time. This was done through automatic policy retrieval from underlying data systems, replicating the existing premiums and then generating the updated quote based on the client’s request. ZAQ is also currently providing assistance with VPMS development to perform online quoting for simpler alteration requests.

Complex alteration assistance:

ZAQ further provided Zurich with a team of 12 actuarial resources to assist with complex policy alteration requests, stretching over at least a 1-year period. ZAQ was able to assemble this team within a very short timeframe. We also assisted with training on product rules, tools and business processes required to perform these alterations.

Prophet modelling & IFRS 17:

ZAQ provided Zurich with 4 experienced Prophet developers over a 4-month period to assist with merging Prophet models between Zurich and OnepathLife. We also recently started advising and detailing the technical calculations required for an analysis of profit calculation engine under the new IFRS 17 standard.