Life Insurance Consulting

Given the unpredictable lifestyle of our era, enhancing security through life insurance is becoming increasingly important. Increased awareness, cultural shifts coupled with the continuing uncertain economic climate is forcing insurers to look closely at the way their business is run. Insurers are focusing on the future to remain competitive while maintaining compliance with an evolving regulatory landscape.

How can we help?

SIR Consulting has been providing a broad array of services to life insurance companies. Our breadth of expertise and experience working for multiple clients in the region proves a great advantage to provide world class service.

Our services include:

  • Developing a business plan and carrying out financial feasibility of Life Insurance Operations
  • Assistance in setting up of a Life Insurance Company
  • Defining an Organizational Structure
  • Marketing
  • Designing and costing of a compensation structure for the sales force
  • Reinsurance arrangements for all products
  • Designing and Profit testing of various products, including development of premium rates, policy documents, etc.
  • Setting up administration systems and procedures (including development/ implementation of computer software)
  • Developing and setting up underwriting guidelines and procedures
  • Setting up the marketing infrastructure
  • Actuarial valuation to determine reserve requirements;
  • Embedded value calculations for life portfolio
  • Designing and costing of compensation structure for the sales force, expense analysis and developing underwriting guidelines and procedures
  • Determination of retention levels on reinsurance basis and assistance with reinsurance treaty negotiations
  • Advice on investment of life insurance portfolio and asset-liability management
  • Assistance with preparing product approval documents to be filed with the regulators
  • Assistance with conducting ongoing operations of a company, including product enhancement and re-pricing of life products
  • Assistance in carrying our Expense Analysis for company
  • Prepare Liability Adequacy Testing Report
  • Gross Premium Valuation of Life Insurance Portfolio
  • Actuarial Assistance in ongoing operations of the Company
  • Performance evaluation and monitoring
  • Ongoing product updates