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When it comes to providing the best in actuarial services, Wakely Actuarial's
core competencies are unmatched in the industry.
Along with our Specialized Practice Divisions, our actuarial professionals
can assist you in these key areas:
Accident
and Health Experience Analysis and Re-Rating
Our consultants have many years of expertise with monitoring and analyzing
historical experience data in order to project future claim levels and
recommend appropriate rate action, including:
- Proprietary information systems to study and report A&H
experience analysis
- Company premium and claims transaction data collection and
analysis
- Regular data error checks and review of data quality
- Loss ratio reporting and other reports required by law
- Recommendations for rate increase amount and timing
- Timely filing of actuarial documents in accordance with each
state’s regulatory requirements
- Strategic planning and future claim level projection
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Cash
Flow Testing
Our staff of consulting actuaries includes specialists in interest-sensitive
life products, long term care insurance and other long duration products
that require Cash Flow Testing in order to certify that the liabilities
make sufficient provision to meet future policy obligations:
- Cost effective solutions for compliance with emerging insurance
valuation regulations
- Analysis of sensitivity of products to interest rate changes
as required by law
- Cash Flow Testing when liability or asset cash flows are susceptible
to interest rate fluctuations
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Financial
Reporting and Reserve Certification
Wakely Actuarial offers a full line of consulting services to support
your valuation needs. Rely on us to provide you with accurate and timely
reserve numbers, whether the figures are for your annual statement or
for monthly financial statements:
- A full line of services ranging from Reserve Processing to
representation as Appointed Actuary
- Design and development of policy and claim reserve systems
for statutory, GAAP, and tax
reporting, gross premium valuations, Cash Flow Testing, and preparation
of statutory actuarial
opinions
- Clear, concise actuarial work papers that are easy to audit
and provide all information needed to
complete financial statements
- Accurate and timely reporting of reserve numbers as often as
you report financial results
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Forecasting
and Experience Reporting
Our forecasting and sound risk management services help manage your insurance
programs for long-term success:
- Model office projections for use as strategic management tools
- Expected earnings projections for a single product line, blocks
of business, or an entire company
- Detailed annual projections for budgeting and management reporting
- Regular monitoring of key business drivers
- Design and development of claims, lapse, expense, and other
necessary experience studies
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Merger
and Acquisition Valuations
Wakely Actuarial's expertise in M&A due diligence and valuations will
help insure you make the best decision for your business:
- Valuation of entire companies or blocks of business for sale,
acquisition, or reinsurance
- Detailed work product and documentation including data quality
analysis and validation, model
office projections, and sensitivity analysis of results
- A Principal of our firm that is available throughout the bidding
process to respond to inquiries in
order to facilitate closing of the transaction
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Policy
Form Submission and Regulatory Compliance
Through the filing of hundreds of insurance policies, our staff has gained
the respect of state insurance departments across the country. Let us
help you make your way through the compliance maze:
- Expertise in drafting life and health insurance policy forms
and advertising material
- Extensive experience with submissions to state insurance departments
- Up-to-date knowledge of regulations and filing procedures to
expedite policy approval
- Continuous monitoring of new developments in the regulatory
environments
- A successful history interacting with state insurance departments
across the country
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Pricing
and Product Development
Our goal at Wakely Actuarial is to help you succeed in the marketplace
with products that are both profitable and competitive:
- Pricing and product development services for product lines including
individual life, group life,
individual accident and health, and group accident and health
products for the work site and
senior markets
- Actuarial memorandum and supporting documentation required
in each state
- Rate filing submitted for approval as part of our Policy Form
Submission Services or coordination
with client’s internal compliance department
- Separate Practice Divisions to focus on areas in which we have
exceptional expertise: Life and
Annuity Consulting Practice, Senior Health Consulting Practice,
Supplemental Health Consulting
Practice
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Reinsurance
Consulting
Whether you need reinsurance for in-force business or you need to share
risk on newly developed products, Wakely Actuarial can help you secure
reinsurance on equitable terms:
- Long-term relationships with several major reinsurers as well
as direct writing companies that
share insurance risk
- Assistance with early-stage product design, pricing, and underwriting
protocols to ensure
reinsurance will be available on equitable terms
- Analysis of reinsurance proposals including preparation of profit
projections net of reinsurance
on both a before-tax and after-tax basis
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Reserve
Processing
While we frequently act as the Valuation Actuary for our client companies,
we also provide Reserve Processing Services to clients who have in-house
actuaries that perform valuation functions and are qualified to sign reserve
certification statements:
- Proprietary information systems to calculate and report reserve
liabilities for life and health
insurance lines of business
- Collection and processing of in-force data
- Regular data error checks and review of data quality performed
with each reserve run
- Custom reporting to summarize premium reserves, policy reserves,
and key in force data by
desired data groupings such as issue year, issue state, and product
type
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