Services
The non-life insurance market in Thailand is very competitive because
there are more than 70 non-life companies in Thailand, most of which are
small. Thai companies need to prepare a good business plan and they also
need to prepare for Liberalization that will take place in the near future.
When the market is free and open, there will be new competitors in the
market. So the market will have higher competition and risk. For both
of these problems, Thai companies need to have professional analysts who
understand insurance - actuaries. Actuaries can help companies by analyzing
their risks and devising sound business plans for companies.
Global
Actuarial Consulting offers a wide range of professional services
to enhance our client’s professionalism and increase the chance of success
in a highly competitive market. Areas in which we can add value include:
Reserve reviews Regular loss reserve reviews that are
done by actuarial consulting firms can be done by Global Actuarial Consulting
much more cheaply than by London based consultants. We have particular
expertise in assessing the volatility and uncertainty of reserves and
the potential impact on insurer's profitability. This will greatly assist
insurers assessing their financial strength.
Pricing reviews Global Actuarial Consulting has full
capability to undertake actuarial pricing reviews for any client. Our
expertise includes class and territorial relativity analysis, reinsurance
pricing and assessment of the value of reinsurance structures to reinsured.
Retention studies Many clients are uncertain about how
much risk they can or should retain. To answer this question, analysis
typically researches the financial history of the company and estimates
the impact of various loss amounts on the company financials. Global Actuarial
Consulting has extensive experience in retention studies for a wide range
of clients, including insurance companies and industrial corporations.
Enterprise Risk Management The analysts of Global Actuarial
Consulting have extensive experience in analyzing the risk of an entire
organization.
Dynamic
Financial Analysis Dynamic Financial Analysis is a sophisticated
method for taking the results of Reserving and Pricing studies and determining
what they mean for the entire company for several years in the future.
The Actuary of Global Actuarial Consulting is among the industry leaders
in Dynamic Financial Analysis using sophisticated stochastic simulation
models. We are developing a proprietary model, MANGO, which more complete,
more reliable and much cheaper than competitors.
Routine pricing of individual risks - Actuarial consultants have in the past proposed that they do pricing for individual risks, but have found that the cost exceeds the benefits for their clients, which would typically Lloyd's syndicates or small business units within insurers. Global Actuarial Consulting can use its cost advantage to provide these pricing analyses on a cost effective basis for those clients.
Routine projects There are a large number of continuing analytical projects in the London market that consist of hand entering recent data and doing a routine analysis. Typically individuals earning between ?30 and ?50 thousand per year will do such analysis. After adding in rent, pension and overhead the total cost of employment of such analysts will typically be between ?100 and ?150 thousand per year. Comparable Thai analysts would have total cost of employment of about 20% of western analysts. This means that the cost of routine analysis projects can be substantially reduced. In addition, projects that would not be considered in a London or New York environment because they cannot be cost effective would become attractive if done by Global Actuarial Consulting.
Other examples of services available include: