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Statutory roles describe the roles of Head of Actuarial Function for life and non-life insurance or reinsurance companies, Reviewing Actuary roles, Reporting Actuary roles and the role of PRSA Actuary. Many of these roles would be deemed “Pre-approved Control Functions” under the Central Bank’s Fitness and Probity regime.
In addition to discharging these actuarial statutory roles, our consultants are very active in the field of enterprise risk management and would be ideally placed to discharge the Chief Risk Officer (CRO) or risk management function roles on an outsourced basis.
Outsourcing a statutory actuarial role involves a number of key considerations. It is crucial to use providers with sufficient experience – have they been through this before with other companies? Will their experience add critical value to your company? Other considerations include competitive cost and certainty around likely cost.
The consultants in our Dublin practice have extensive experience regarding the key statutory actuarial roles required for a successful insurer or reinsurer. Using Milliman consultants to discharge these key roles will ensure that the role is discharged at a very high level . We pride ourselves on the quality of our work and in the strength of our internal peer review processes which ensure a high quality output. In addition, our clients value our willingness to proactively contribute to their business. We are not afraid to provide our opinion, and in discharging statutory roles, we pride ourselves on adding value for our clients. We work hard to keep abreast of the key emerging issues in the life insurance and reinsurance markets to help our clients remain on top of the challenges they need to face today—and be aware of the challenges they are likely to face tomorrow.
We have been discharging these and similar roles for a wide range of clients for over two decades. Most of our outsourced actuarial relationships have been in place for many years, highlighting the ongoing trust we have developed with our clients and the value they place on the relationship. We typically attend client board meetings for a large number of our clients and provide trusted and valued advice in relation not only to actuarial services, but also to the wider risk, regulatory and business environment.
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