Actuarial solutions

Capita employs a highly skilled and experienced team of specialists who offer expert and cost-effective actuarial solutions to life insurance and pensions providers.

With a large team based across the UK and Ireland and an in-depth knowledge of the life insurance and pensions industry, we are well positioned to understand your actuarial needs and to provide you with the most appropriate support.

Our industry is changing rapidly, and with a constant stream of regulatory changes occurring within this challenging economic climate we know that implementing change in a timely and cost-effective way is vital to your business.

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A range of services to help meet your actuarial resource and delivery needs

Actuarial resources

Whether you need additional short-, medium- or long-term actuarial resources or an ongoing outsourced service, our dedicated team of actuarial specialists can help. We can provide our clients with a wide range of expertise, including:

  • Professional and highly skilled actuarial project specialists
  • Student, senior and qualified roles, ranging from technical to management level
  • Extensive industry, regulatory and legislative experience and knowledge
  • Extensive product, system and process knowledge

We can help you react quickly to peaks and troughs in demand, and the range of expertise we have means that we can provide the right solution at the right time at competitive rates. We combine technical expertise and efficient processes with market experience and commercial knowledge to improve the efficiency and effectiveness of your business, helping you to achieve your goals.

Our actuarial consultants can work either on- or off-site, as required, to provide you with the full range of actuarial services traditionally required by every life and pensions business.

Our services

We have extensive actuarial expertise across a range of clients, systems, activities and products, which enables us to work collaboratively with you and to adapt our services so that we can provide the most relevant expertise and support at all stages of your project. 

Our dedicated team provide a wide range of actuarial services to clients, including:

  • Actuarial policy servicing and product governance
  • Financial reporting
  • Modelling and data management
  • Pricing
  • Product development
  • Regulatory change
  • Actuarial systems
  • Reinsurance management
  • Policy administration system migration
  • Policy remediation

We have an outstanding track record of providing consistently high service levels, even in the most challenging and complex of environments, and of delivering our services on time and within budget across a wide range of project activities.

Our services

Our flexible resourcing solutions mean that we have the capability both to deliver specific actuary-led projects and to support wider change initiatives which simply require actuarial assistance.

We know the timely provision of accurate financial results and analysis is vital to your business, not only to be able to fulfil your regulatory obligations, but also to make informed management decisions.

Our reporting services team take responsibility for the regular production of reporting figures and their analysis, allowing you to focus on interpretation and decision-making.

The breadth of our expertise means we can not only run your reporting function efficiently but can also help to standardise and improve existing processes to reduce reporting timelines, costs and risks.

We assist our clients with various stages of the financial reporting process, including administration systems, actuarial models, processes, data extraction and manipulation, calculations, and analysis. We also support our clients in a range of other areas, including IFRS, GAAP, solvency, embedded value, internal MI and revenue reporting.

We understand that product development is key to the success of life insurance and pensions companies. Our thorough understanding of product development means we can effectively support our clients with:

  • Product launches
  • Product design and pricing
  • Ongoing product development and enhancements
  • Product testing and implementation
  • Product migrations

We have previously worked with our clients, both internally and externally, on:

  • A full range of protection and investment products (including variable annuity GMXB, unit linked, with profit, portfolio bonds (both onshore and offshore) and protection products)
  • A variety of pension products (including executive pensions, personal pensions, personal retirement bonds, approved (minimum) retirement funds, PPRSAs, savings plans and investment bond products)

Through our relationships with many providers we can pool knowledge, experience and ideas; however, we are always conscious of the often unique nature of policy conditions and system processes.

We will work alongside operations teams to provide bespoke actuarial calculations and bulk figures for policyholder communications, as well as to build robust user-developed applications that streamline processes.

With a focus on excellence, we develop a strong understanding of our clients’ products and systems, and, drawing on our extensive industry experience, we provide flexible and efficient policy administration solutions.

We understand that effective and efficient data management can prove vital to the success of your business. We deliver excellent service to our clients by efficiently managing and manipulating large volumes of data, allowing our clients to focus on interpretation and decision-making.

We effectively support our clients with the design, development, testing, implementation and maintenance of actuarial modelling systems for a variety of purposes, including financial reporting, asset liability modelling, reinsurance, Solvency II and pricing.

Regulatory change

With our expertise and practical experience, we can support you through the challenges brought about by regulatory changes. We have helped clients with:

  • The packaged retail and insurance-based investment products (PRIIPs) regulation, where Capita resources worked on-site with our clients to support their implementation
  • Various elements of Solvency II development, implementation and improvements
  • Various activities relating to the FCA’s thematic review into the fair treatment of long-standing customers in the life insurance sector

Actuarial operations and systems support

We can support you in all areas of the work required by your actuarial operations or actuarial services teams. Our variety of experience levels means we can assist either with the day-to-day work of the team or with the management of the team to ensure that your deadlines are met. We perform actuarial operations and systems work for clients both on- and off-site.

Migration and integration

Our team of actuarial consultants can help you to manage your resource demands as they rise and fall during migrations. We have practical migration experience, both internally in Capita and out on clients’ sites, with a focus on quality and delivery. Our team are experienced in:

  • Project management
  • Engagement with all areas of the business to ensure an appropriate solution
  • Source and target system readiness for migration
  • Proposal of solutions and cost assessments
  • Data mapping and specification
  • Calculations specification
  • Data clean-up pre- and post-migration
  • Testing of data mapping
  • Testing of the post-migration solution
  • Managing the migration implementation
  • Business readiness

Reinsurance management

With industry knowledge and years of practical experience, we can offer expert support for your reinsurance needs, including reinsurer relationship management, treaty negotiation, system set-up and testing, error remediation, independent calculation tools, data extraction and management.

We have assisted our clients with the effective development and implementation of reinsurance, and we have managed and resourced a large reinsurance migration project on a client site.

We have also delivered treaty reviews and investigations into treaty management to ensure that processes are being maintained in line with original expectations.

Outsourcing

Our actuarial team can also provide outsourced support in many areas of life insurance and pensions. Our outsourcing services have proved vital to the success of many of our current clients, including both domestic and international life and pensions companies. Our outsourced services include:

  • Actuarial policy servicing and product governance
  • Modelling, actuarial system development and data management
  • Financial reporting
  • Actuarial project solutions

Client testimonial

The Capita actuarial team created a well-thought-out, robust and intuitively appealing framework which allowed us to integrate our covenant assessment with scheme funding seamlessly, something which had been impossible to do previously in a coherent manner. This is an industry first.

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