Who we help

General Insurers

We provide support to a variety of General Insurance companies on a day-to-day and project basis. From delivering professional and technical support for reserving and rating, capital modelling and risk management to providing an experienced Chief Actuary – we can provide reliable expertise when you need it most.

The services we can offer general insurers include:

Reserving and rating

• Actuarial opinion on the appropriate methodologies and assumptions to use in the calculation of claim provisions for particular reporting requirements.
• Calculation of claim provisions in accordance with stated methodologies and assumptions, including any discounting of liabilities that may be needed.
• Assessment of frequency and average amount of claims and expenses to estimate premiums.
• Provision of Actuarial Function.
• Solvency II financial modelling and all aspects of reporting.

Capital modelling

• Calculation of capital requirements for the business for Solvency II purposes.
• Asset liability modelling to help you assess the risks of particular asset strategies on your business.
• Assessment of the impact your organisation’s pension scheme has on its capital requirements.

Appointed and expert roles

• We work with a number of clients fulfilling the role of Chief Actuary.

Risk management framework

• Advice to Boards and executives on what they need to do to implement an effective risk management framework within the business e.g. ORSA, appropriate deployment of capital resources.

Mutuals & Friendly Societies

We have vast experience in the mutual sector. Through highly flexible, collaborative and innovative working methods and practices, we’re able to offer support to existing in-house teams in a number of technical areas, including the provision of a full Actuarial Function.

We also have expertise in product pricing and development and regularly provide technical and professional services support to organisation’s involved in mergers and acquisitions.

OAC offers the following services to Mutuals and Friendly Societies:

Appointed and expert roles

We work with a number of clients fulfilling the role of:

• Chief Actuary.
• With-Profits Actuary.
• Appropriate Actuary for small Friendly Societies.

We are also able to fulfill the role of:

• Independent Person for firms transacting with-profits business.
• Independent Expert in Part VII transfers.
• Independent peer review.

Support for in-house teams

• Provision of the Actuarial Function.
• Solvency II financial modelling and all aspects of reporting.
• Carrying out a wide range of complex actuarial and redress calculations.
• Development of your firm’s Own Risk and Solvency Assessments (ORSA).
• Regulatory issues.
• Estate, estate attribution and bonus philosophy issues.
• PPFM, TCF and policyholder communications.
• Reinsurance considerations.
• Business development initiatives.
• Review of actuarial methodologies and assumptions underpinning the insurance results of your company.

Product development

• We advise on the pricing, design and marketing literature for new products and updates of existing products.
• We can also assist with the integration of pricing systems with online quotation engines.

Business transfers

• We offer a range of merger and acquisition activity e.g. due diligence.

OAC is an Associate Member of the Association of Financial Mutuals.

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Banks & Building Societies

Banks and building societies often provide advice to retail customers on financial products. Occasionally customers are not satisfied with the advice they have received and make financial complaints.  

We can provide a completely outsourced complaint handling, loss and redress calculation service in line with regulatory requirements and standards. This can be particularly useful in the area of legacy products or business type where the firm may now have limited in-house expertise.

Additionally, we also provide a suite of risk management software tools to help your organisation embed effective risk management throughout your business.

OAC’s complaints management services include:

• Mortgage endowment, pension and other investment product loss and redress calculation service.
• Fully outsourced complaints management service.
• Provision of software to help empower your firm to compute appropriate loss and redress. 

Pre-Paid Funeral Plan Providers

Since 29 July 2022 the FCA has regulated the funeral plan industry, and the FCA has authorised our funeral plan clients including Co-op.  Firms providing funeral plans are required to maintain adequate financial resources at all times for meeting liabilities assessed on realistic bases.  For plans backed by a trust, the 'Solvency Assessment Report' for the annual actuarial valuation is required to be published on the provider’s website.  For plans backed by insurance, the FCA also recommends actuarial valuations.

We conducted a survey of Solvency Assessment Reports and made recommendations to improve consistency.  We shared these with the Financial Reporting Council as they updated the Technical Actuarial Standard 400 for funeral plans, which now covers both trust and insurance based plans.

Our experienced consultants provide a full range of services in addition to the core actuarial valuation service. This includes general consulting services and support on pricing of pre-paid funeral plan products.

• We provide services to the pre-paid funeral trust sector as well as to insured funeral plan arrangements.
• Our consultants advise a wide range of clients from some of the smallest pre-paid funeral trusts through to one of the largest providers of funerals in the UK.
• We also have experience helping new trusts entering this market and offer a service where we review and report on the documentation in respect of the funeral plan. Our experience of the wide range of types of contractual arrangement between provider, trustees and funeral director enables us to add significant value.
• Our consultants helped our clients navigate the regulatory changes and understand the implications for their business.
• Our proven valuation models using the award-winning Mo.net actuarial financial modelling solution enable us to calculate and analyse liabilities at a competitive price while meeting the best estimate regulatory requirements including the projection of future plan cancellations.
• Further services we provide include peer review, internal audit, pricing and product development, remediation plan review, training for trustees, and general troubleshooting.
• Whatever your business challenge, our advice is characterised by a clear and accessible style of communication that will help you make informed decisions.