Actuarial services

In Advisory

Major regulatory change, ongoing economic uncertainty, technology-driven turbulence and increasing consumer expectations are challenges that offer the key to profitability for insurers who make the right strategic, investment and operational changes. We can help you make informed decisions in this transformative age.

Related topics Advisory Finance Risk Strategy

What EY can do for you

Our work is grounded in an extensive understanding of the financial dynamics of businesses. We develop services to address the most common issues companies similar to yours ask us to solve.

Our extensive global knowledge comes from our work with insurance companies, banks, pension funds, private equity firms, sovereign funds and local regulators. We stay out in front of the challenges the industry faces – so you can, too.

Our services

We provide truly integrated services across all disciplines in the insurance industry. These include:


EY Financial Services: our actuaries at the heart of the Insurance industry’s transformation

With the market undergoing significant changes, the insurance industry is at a turning point. Not only is it facing a regulatory tsunami and continues to be faced with historically low interest rates, it is now being challenged on a very different battle field: that of new technologies and their impact on all aspects of the business. From vague futuristic concepts, digital transformation and innovation have become very real forces, reshaping insurances companies’ agenda at a speed never seen before.

But in each challenge lies an opportunity. While new technologies are at the source of all these issues, they are also the key to making the most of these exciting new times.

As a global player, EY has the multi-skilled resources capable to act at each step of the insurance value chain. Among our insurance specialists is our team of actuaries, supporting you in many areas of your business: Pricing and Product Development, Claims Management and Reserving, Actuarial Support, IFRS 17 & Solvency II. Whatever your need is, you can count on our Belgian team and our wide EMEIA network to fulfill it.

  • Pricing and product development

    Pricing and product development requires a deep understanding of customer needs, of the market conditions and of the data to be used to perform the pricing assessment.
    We offer you a broad range of Advisory services in this area and combine our actuarial expertise with the skills and experience of our colleagues. Our Digital & Customer team will help you define your customers' journey while our Data and Analytics colleagues will offer data science or machine learning guidance. And that’s just to name a few…

    • Product innovation
    • Profitability studies and portfolio rationalization
    • Pricing and use of open source data
    • Pricing optimization & elasticity
    • Reinsurance optimization
  • Claims Management & Reserving

    Our mission is to support you in assessing and improving the whole claims management chain. Leveraging on today's advanced modeling methods, we are able to derive a large set of insights from the claims data. This allows for an increased efficiency and effectiveness of the claims handlers, an improved claims triage process, an earlier identification of errors and fraud and an accuracy assessment of the case reserves. On top of this, we help you with your liability modeling, for both life and non-life, under Belgian GAAP, Solvency II and IFRS.

    • Reserving and cash-flow modeling
    • Technical provisions review
    • Claims management efficiency
  • Actuarial Support

    Insurance companies deal with a tsunami of regulatory requirements which are increasingly complex and require specialized skills.

    Moreover, as an insurance company, you are bound by the Solvency II regulation to put in place several independent control functions. The Actuarial Function is one of them. As a second line of defense, its role consists in providing the management with the necessary assurance about the quality of actuarial computations related to Technical Provisions as well as the underlying methods and assumptions.

    • In-house actuarial support
    • Actuarial function
  • IFRS 17

    IFRS 17 represents a complete overhaul of accounting for insurance contracts. The change will be significant for nearly all insurers and will affect both preparers and users of financial statements. Implementing this standard will impact the entire Finance operating model and will require a close collaboration between Finance, Actuarial and IT teams. People, processes and systems will be refreshed, and CFOs will assess the strategic impacts of the new reporting framework.

    • IFRS 17 gap analysis
    • IFRS 17 financial impact assessment
    • IFRS 17 valuation methodology design & implementation
  • Solvency II

    The Solvency II regulation represents a major challenge for insurance companies.
    At EY, we have made the most of our experience in Solvency II implementation to develop the tools and methods required to support you.

    • Pillar 1 optimization
    • Pillar 2 – Own Risk and Solvency Assessment (ORSA)
    • Pillar 3
    • Model validation
  • Knowledge Support and Training

    Regulatory changes have become the new normal. Keeping up to speed with the latest changes is challenging and demanding in terms of time and effort. Thanks to our strong international network, we help you overcome these challenges by providing you with a wide range of experts who will bring the necessary knowledge to help you reach your goal. 

Pension & retirement

The Belgian pension landscape is under constant evolution.

Our Pensions & Retirement team helps you with the social & legal dimensions as well as remuneration strategy, fiscal regulations and financial aspects. As these matters are handled by a variety of key stakeholders in each company (Human Resources as well as Finance and Accounting departments), vision and perspectives might differ.

Trends are evolving and the current financial market situation has undergone major changes in the last few years. Workforce expectations and experience now drive the research of new solutions: optimizing the pension benefits you offer will increase the return of your pension plan investment in terms of employee experience as well from your employer perspective.

With EY Actuarial Services as your Pensions partner, you can count on on-demand as well as proactive support on actuarial employee benefit matters, more precisely pensions.

As part of a global organization, we have connections all over Europe and worldwide, allowing us to leverage on our actuarial network.

We can achieve together:

  • Active partnership with your HR and Finance stakeholders
  • Clear view on the quantitative and qualitative key factors
  • Support with your the overall employee benefit strategy
  • Quality Audit support
  • Financial Advice

    Pensions used to be mainly a Human Resources matter. Yet, since 2016 and the drop in interest rates, Belgian pension plans have become a topic of discussion with your Finance department, and Accounting colleagues.

    EY will assist you to answer any financial question related to the pensions and other long-term benefits (including termination benefits).

    • Optimizing your Return on Investment
    • Accounting actuary
    • Pension & Retirement dashboard
    • Pension Due Diligence 
  • Group Insurance

    For the past 14 years, the Belgian legislator has been looking to increase the 2nd pillar pension coverage amongst the Belgian workforce.

    As an employer offering a retirement coverage, it is your responsibility to finance the benefit appropriately. However, with the decrease in interest rates on the financial market, as well as the decrease of the interest rates granted on your group insurance contracts, this is becoming increasingly challenging. Companies are thus seeking return on investment. Unfortunately, though, increased return usually comes with increased risks. Defining your funding and financial strategy and how to monitor it is thus key.

    We assist you in staying in control of your risks and support you in translating your company values and financial strategy into policies and guidelines for your pension financing vehicle to follow.

    • Consulting actuary for collective financing vehicle
    • Funding & financing
  • Pension Plan Design

    Providing a pension coverage to your employees has become a must. Not only does it remain fiscally attractive, it has become an integrated part of a remuneration package.

    The 1st pillar state pension is predicted to face financial difficulties. Guaranteeing your employees a well-thought retirement coverage provides them with comfort and security.
    We can assist you with the design phase, the implementation and the business as usual processes (such as the financial analysis, the proactive thinking of legislative changes, the financing options and the communication package).

    • Implementation
    • Harmonization
    • Transformation
  • Legislative Support

    Providing a pension coverage to your employees has become a must. Not only does it remain fiscally attractive, it has become an integrated part of a remuneration package.

    The 1st pillar state pension is predicted to face financial difficulties. Guaranteeing your employees a well-thought retirement coverage provides them with comfort and security.
    We can assist you with the design phase, the implementation and the business as usual processes (such as the financial analysis, the proactive thinking of legislative changes, the financing options and the communication package).

    • Implementation
    • Harmonization
    • Transformation
  • IBP Instelling voor bedrijfspensioenvoorziening / IRP Institution de retraite professionnelle

    The enforcement of the IORP II directive in the Belgian legislation (WIBP/ LIRP), strengthening the landscape of the governance and policies, redefining the role and interactions of the key functions with the Board of Directors and between each other, initiating the risk management framework and the ORA, are a new challenges for pension funds.

    We can assist you in the different aspects of your pension fund 

    • Actuarial function
    • Risk Management function
    • Own Risk Assessment
    • Transparency and benefit statement
    • Workshop and training
  • Public Sector

    The March 30th legislation, applicable to the local and provincial public entities, has initiated a financial link between the 1st pillar pension of the civil servants and the 2nd pillar pension plan covering the employees. Indeed, the accountability contribution can be reduced by 50% of the retirement premiums paid for the employees as from January 1st, 2020 if the pension plan(s) covering the employee comply(ies) with the qualitative and quantitative criteria listed in the Law. If these criteria are not met and thus if an entity cannot deduct the 2nd pillar retirement premiums, it might face financial penalties to the maximum of its total pension charges. This new Law can potentially have significant impacts for you.

    We propose our services for:

    • Impact assessment
    • Actuarial study
    • Pension provider selection
  • Communications

    Clear communication with your workforce brings added value such as confidence, understanding and inclusiveness. It allows them to not only value the benefits you finance but makes them feel supported, increasing their dedication and your retention.
    Communication around pensions, however, is not easy. The content of the annual benefit statement, while important to your employees, might not be difficult to apprehend.
    How you would bring value, together with the necessary information, to your workforce? EY Actuarial Services will be your partner on this journey by supporting you in:

    • Intranet support
    • Enhancing your workers' experience (Annual Benefit Statement enhanced solutions)
    • Bringing innovative solutions 
  • Teaming

    Some cases and periods of intense workload might require you to reinforce your team. No matter the project or circumstances, we have the right skills and mindset to team up with your experts.

    • In-house actuarial support
    • Corporate support

Global services

  • Actuarial robotics

    Robotic process automation (RPA) is a powerful tool to enhance service, quality and efficiency. As a market leader in this field, EY is assisting clients in Finance, Risk & Actuarial teams as they consider the potential for this new technology, as well as using the software to improve EY’s own internal processes.

  • Actuarial transformation and offshoring

    Insurers are looking to consolidate their actuarial systems as they integrate risk and finance reporting in a cost-efficient way.

    They are making significant investments to build their actuarial system and process landscape for the future. These investments include improving standardization and automation, and using selective offshoring and shared services centers.

    We can help companies simplify their actuarial infrastructure and achieve cost efficiency by identifying ways to streamline or offshore/outsource their actuarial and finance reporting processes and then implementing it.

  • Analytics

    We provide analytic and modeling solutions by using our statistical training and practical industry experience analyzing large volumes of data (across financial services and, increasingly, other industries).

    We use our analytical competency and business experience to comprehend complex and disparate business issues, data, information, governance issues and to complete scenario modeling and analysis that can enhance clients’ decision-making on business issues. Our analysis and modeling helps to inform:

    • Strategic direction and the case for change in terms of financial and nonfinancial measures
    • The design of transformations, including the trade-offs in design and value through the application of the actuarial investment model
    • The implementation and monitoring of change through quantifications, indicators and other measures supporting performance or risk management and benefits management
    • Business as usual through the application of the control cycle and embedding the appropriate measures in business reporting
  • Audit and assurance

    Our actuaries provide technical support for the audit of actuarial items recorded on the financial statements of insurance companies.

    With the extensive experience in financial reporting gained in their audit work, the Audit and Assurance actuaries are able to provide assistance to non-audit clients as well in the technical and procedural aspects of financial reporting, including the adoption of new standards, the implementation of new systems, and the review of the accuracy and effectiveness of existing actuarial calculations and processes.

  • Banking and capital markets quantitative advisory services

    We develop and validate quantitative risk measurement methodologies for banks and commodity industries covering credit, market and operational risk.

    We also value complex derivative instruments and structured debt for a wide range of corporate clients.

  • Capital

    Whether driven by regulators, investors, rating agencies or internal stakeholders, the capital requirements of insurers are numerous and complex.

    Firms are subject to a number of capital measures, driven by rating agencies and analysts, as well as local and international regulators. We help our clients understand and manage the numerous metrics, as well as working with them to help them form their own views on their capital needs.

    Increasingly insurers are expected to run complex in-house models to calculate their capital requirements. We work with our clients to help them build, test and maintain these models as well as supporting them with the communication of the results.

    Working alongside our clients, we help them manage their stakeholders, from interpreting and complying with regulatory requirements to providing board-level comfort on the quality of any in-house models.

  • Cyber risk measurement and insurance

    As companies face the uncertain impact from the escalating incidence of cyberattacks, they look to more effectively measure and manage the financial risks resulting from a potential breach.

    With the emergence of standardized breach data, and increasingly more sophisticated risk measurement and management techniques, cyber risk issues are becoming preeminent to corporations and insurance underwriters. Our experienced Cyber Risk team provides integrated services to help companies with underwriting and risk financing strategies.

  • Fadata

    Fadata is a fast-growing insurance IT vendor. We work closely with insurers and Fadata to assist insurers in deploying the Fadata system. Actuarial resources are supporting the product configuration and development of the key insurance and actuarial processes of reserving, pricing and underwriting.

  • Financial reporting

    Significant financial reporting change is on the way in the form of International Financial Reporting Standard IFRS17, IFRS 9 and Financial Accounting Standards No. 60 (FAS 60).

    It is crucial for companies to understand the micro and macro effects of new reporting requirements, the importance of reported figures, the wider implications for strategy, operations and how to communicate new management targets to shareholders. We help companies understand and prepare efficient external and internal reporting frameworks by providing actuarial services that are part of integrated multidisciplinary approaches.

  • GI reserve review

    The provision for outstanding claims liabilities is the most significant item in most general insurance companies’ balance sheets, and movements in the provision from year to year can often form a significant part of the insurer’s profit.

    Additionally, the outstanding claims liability estimate is an integral part of the pricing process, especially for long tail classes, and can be an important component of an insurer’s regulatory and economic capital calculations.

    Whether we are providing the primary estimate of the outstanding claims estimate or reviewing the estimate as part of an external peer review engagement or audit, EY applies leading practice processes and methodologies consistently around the world to provide our clients with more accurate and more reliable estimates of their outstanding claims liabilities.

  • Health

    Against the backdrop of rising costs, aging populations, stressed infrastructure, constrained resources and shifting regulations, health insurers must develop new offerings and find new ways to operate.

    Across diverse national health care markets, there are unprecedented risks, but also great opportunity — thanks to breakthrough advances in technology and more sophisticated use of data and analytics.

    We are working with strategists and practitioners from across our practices — including life sciences, public sector health care, insurance, consumer products, engineering and advanced technology — to re-imagine health care.

  • Investment advisory

    In the current low-yield and volatile market environment, insurers and pension plans are seeking to optimize risk-adjusted return through more innovative investment, and wealth and asset managers are partnering ever closer with their investors to add value.

    EY’s Global Investment Advisory team specializes in working with each of these sectors to drive more value from their investment portfolio by bringing together resources with finance, actuarial, accounting, tax, quantitative, valuation and corporate finance backgrounds.

  • Longevity

    For many life assurance companies, a key risk is “longevity risk” where for their annuity products the risk is of individuals living longer than expected.

    We share knowledge of current trends and market practice to help practitioners assessing longevity risk for audit or assurance purposes or to help in many aspects of longevity risk transfer solutions for advisory clients.

  • Managed services

    Our Managed Services assist clients executing strategies to outsource or co-source recurring labor-intensive and/or non-core activities necessary for day-to-day actuarial and/or underwriting operations.

    Potential outsourcing and co-sourcing arrangements include by major function:

    • Product: rate filings, experience studies, administration support
    • Financial reporting: performing in-force valuations, reconciliations and controls reporting
    • Modeling: model maintenance, performing production runs
    • Risk management: ongoing model validation and customer analytics 
  • Mergers & acquisitions

    As companies revisit and optimize their portfolios, they look to acquire and consolidate more attractive businesses, and dispose of businesses in markets where they cannot compete.

    With depressed valuations in many insurance markets and the shifting strategies of multinationals, the mergers and acquisitions market is poised to become more active. Our experienced Transactions Advisory Services team and our actuarial transactions skills provide integrated services to help companies with valuations and post-merger integration.

  • Modeling

    Actuarial modeling is becoming increasingly crucial to business operations in a number of areas, externally for financial reporting liability reserving, solvency and regulatory capital modeling, and internally for risk management, ALM and business planning, pricing, embedded value and non-traditional modeling.

    Our model advisory services cover model design and implementation, review and validation, process and governance, efficiency enhancement, as well as production. We help our clients make their models fit for purpose, effective in their support of finance and risk function requirements and scalable for future development.

  • Pensions and pension fund advice

    Companies, governments and pension fund management (trustees) are continually looking for support with their pension funds in the areas of design, cost management, risk mitigation and best-practice governance. We provide advice in all of these areas.

  • Product innovation

    We assist our clients by providing market perspective on disruptive technologies, innovations and trends in insurance propositions to customers.

    Our forward-thinking vision allows us to support our clients in taking advantage of these changes, in terms of analyzing the customer opportunities, developing new wave propositions and optimizing the pricing.

  • Risk services

    Risk management remains a prominent theme in global regulatory developments and within firms’ own business enhancements to ensure continued business resilience and efficient allocation of capital.

    We assist our clients in designing and implementing proportionate and commercially effective risk management frameworks that support better business decision-making on an ongoing basis. Our solutions include design and implementation of the risk management strategy, appetite and framework, including processes, models and tools for risk identification, measurement, mitigation and monitoring.

  • Recovery and resolution planning

    In a drive to improve the resilience of insurers and reduce the impact of failure, boards and regulators are requiring recovery plans, resolution plans and increasingly improved liquidity risk management from insurers in major markets.

    We are the leading adviser on these important topics, having supported the majority of global systemically important insurers, multiple internationally active insurance groups, and many large domestic insurers. As insurers consider how best to mobilize and address these issues proportionately, we can offer support to develop the plans and/or test their credibility, conduct resolvability assessments, support with operational continuity and implement improvements, using a suite of tried and tested tools, robust methodologies, and in depth regulatory experience.

  • Structural optimization

    A wide variety of drivers are pushing clients to consider significant changes to maximize returns, manage risk, reduce volatility and optimize the asset side of the balance sheet and their asset and liability matching.

    We bring cross-practice and international know-how to these issues through a unique proposition that combines finance, risk, actuarial, accounting, tax and M&A skill sets to support clients in emerging with more efficient structures. We also advise clients on analyzing their risk-adjusted return on capital and in supporting them with their investor dialogue.

Who we are

The Advisory team is a diverse network of consultants and industry professionals with a global mindset and a collaborative culture. We work to understand your issues and are driven to ask better questions in the pursuit of making your business work better. Contact one of our Advisory professionals today to see how we can help you.

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