CASE STUDY 1: ZURICH
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.
CASE STUDY 2: PWC NEW YORK
Our client was tasked with running a large actuarial valuation software migration programme for a multinational insurer. PwC required external contractors due to size of the engagement and niche set of expertise required to deliver on the project. ZAQ was able to provide PwC with 4 experienced Prophet developers to assist on the programme over a 2-year period. Our experienced and diverse team of actuarial resources enables us to deliver on large scale actuarial projects.
CASE STUDY 3: MAZARS
We formed a joint-venture with a large audit firm to provide on-demand actuarial services to their growing financial services team. This enabled their audit team to win 5 new insurance clients within a 3-year period, where they previously didn’t audit any insurers. Further to this, our technical actuarial teams also assisted various audit teams in a variety of accounting valuations.
Email:
Queries: damages@zaqfinance.com
Phone:
| Cape Town: | +27 21 200 1456 |
| +27 83 310 3983 | |
| Johannesburg: | +27 10 590 3315 |
Address:
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Unit 1.1, On the Greens Office Golf Village De Beers Avenue, Somerset West, 7129 |