Outsourced actuarial support for a rapidly growing insurance company

Following acquisition by a private equity firm, the client entered a period of rapid growth and needed actuarial support that could scale with the business. They were looking for a trusted partner to provide outsourced actuarial services, fulfil the Chief Actuary role and work closely with the finance team to build robust, future-ready processes.

As the organisation grew, it needed actuarial insight that could support both day-to-day reporting and longer-term strategic decision-making. The client required reliable delivery across core actuarial activities while also developing processes that would remain effective as the business continued to evolve.

Key requirements:

• Claims reserves and IBNR calculations
• Solvency II Technical Provisions and Solvency Capital Requirement calculations
• Business planning, ORSA modelling and capital forecasting
• Support with financial statements, regulatory returns and governance reporting

We built the relationship around partnership, working as an extension of the client’s team rather than as a detached external adviser. This enabled us to understand the business, its operating model and its priorities as it moved through a period of significant change.

By developing strong working relationships across finance, risk, underwriting and claims, we gained access to the information needed to assess, model and communicate the financial risks facing the business. This collaborative approach helped ensure actuarial outputs were relevant, practical and aligned to the needs of management, governance committees and the Board.

• A scalable outsourced actuarial model designed to support the business now and as it grows
• Bespoke actuarial processes and outputs tailored to the client’s operating model
• Core actuarial results, including IBNR, Solvency II balance sheet metrics and capital requirements
• Business plan, ORSA modelling and capital forecasting to support strategic planning
• Review and support for key risk policies
• Clear actuarial reporting and strategic support for governance committees and the Board

By having access to experienced actuarial leadership with broad market perspective, this enabled the client to grow in a cost efficient way without needing to build a full in-house actuarial function.   

Broadstone’s support has helped strengthen actuarial governance, improve the quality and consistency of reporting, and provide management and the Board with insight to support confident decision-making as the business continues to grow.