In-House Actuary Package

This is our highest value package. There are a number of synergies associated with providing the covered services at the frequencies indicated that make this package more cost effective than providing them separately at irregular intervals. Our objective is to provide a more comprehensive suite of services for either the same or a lower price than you are currently paying. We will provide all of the routine actuarial services for a fixed annual fee payable in monthly installments. A fixed price makes it easier for you to budget for routine actuarial services and to compare our cost to the cost of hiring an internal actuarial department.

We will waive all of the setup fees for companies that select this package. This includes time spent getting to know your products and the assets supporting them as well as time spent developing the initial models. This is an investment that we are willing to make in order to establish a long-term relationship with the companies that engage us at this level.

Quarterly/Annual Financial Reporting

  • Quarterly (or monthly) reserve calculation

  • Quarterly asset adequacy testing[1]

  • RBC C3 Phase I cash flow testing (annually)

  • Annual statement support including, but not limited to:

  • Actuarial Opinion

  • Regulatory Asset Adequacy Issues Summary (RAAIS)

  • Exhibits 5 through 8

  • Analysis of Increase in Reserves

  • Management Discussion and Analysis

  • Preferred Class Structure Table Certification

  • X-Factor Certification

  • RBC Certifications

  • Statement on Non-guaranteed Elements

  • Statement on Par/Non-Par Policies

  • PBR Actuarial Report

Business Planning/Management

  • Quarterly business plan projections with validation of actual experience to past projections

  • Monthly interest crediting rate support

  • Annual dividend scale review and recommendations

  • Annual illustration actuary certification

  • Annual pricing review for all currently marketed plans

Experience Studies

  • Annual mortality study

  • Annual persistency study

  • Annual expense study (expense data updated annually, time surveys updated every three years)

Board Meetings

We will attend one board meeting in person to deliver the annual actuarial report. We will be responsible for all travel expenses. We will also participate in other board meetings as requested via video conference.

Policyholder Values

We will provide any manual calculations related to policyholder values (e.g., extended term periods, extended term cash values, settlement quotes etc.). Helping you meet your time services standards for your policyholders is very important to us. Requests for policyholder values will be our highest priority and our intent is to provide same day turn around for requests received before noon.

Ad Hoc Services

We will provide a set number of additional actuarial services hours each month. This time can be used to support activities such as customer service (e.g., extended term quotes, in force illustration support, etc.), meetings with sales and marketing to discuss product and marketing programs, questions and correspondence regarding emerging regulations, reviewing financial results, attending periodic management meetings, or just general questions. Please note that this benefit is in addition to any time spent or services related to onboarding a new client.

[1] Due to efficiencies resulting from more frequent updates, the asset adequacy analysis can be provided on a quarterly basis for the same cost as a single analysis performed annually. By receiving updates quarterly, companies can keep better tabs on their asset/liability management and correct emerging mismatches before they affect the annual opinion.