Unit linked insurance management is often overlooked. How well do you understand and manage the risks? In particular, unit pricing errors can be costly to both investigate and correct and fair treatment of policyholders is of paramount importance.
At Barnett Waddingham we have a wealth of experience in helping insurance firms ensure they take all reasonable steps to manage the risks they face to avoid unit pricing errors or fairness issues in the first place. Our mix of consulting and ‘hands-on’ industry experience means we understand both the theory and, just as importantly, the practical issues that simply cannot be ignored.
Unit pricing related reviews and/or advice tailored to your specific needs. This might cover some or all of:
If unit-pricing errors or fairness issues do occur, we can help you investigate and put things right. Very often there is no single ‘correct’ approach to rectification and we will identify the options available to you, taking into account any trade-off between the cost of any compensation payments that may be required and the administrative simplicity of the approach.
We also hold Chief Actuary roles for unit-linked firms and can help you with unit-linked product development including linked fund offerings and associated tasks such as systems development/testing and policyholder disclosures.
As Solvency II regulations settle and 2016 year end approaches, insurers have the chance to draw breath and take pride in the past few years work. But do the assumptions reflect reality and are the processes in place sufficiently robust and objective?
Our annual report on with-profits investment performance and strategy contains information on one-year returns over 2015 and trends in asset allocations. This blog focusses on the three-year performance figures to best judge funds on their performance.
In his introduction to the FCA’s Business Plan 2016/17, the Chairman uses the phrase “constructive deterrence” - this phrase may help insurers and distributors to understand the overall philosophy of the FCA but will it lead to better customer outcomes?
The FCA issued Thematic Review TR16/2, 'Fair Treatment of long-standing customers in the life insurance sector' on 3 March 2016. The work by the FCA in this area has the scope to have considerable impact on the industry as a whole.
There has been much debate as to the role and responsibilities of the Solvency II Actuary and how actuarial departments should be structured. In the Autumn of 2015, we carried out a survey to see how UK insurers have addressed the challenges.
The PRA has published a Solvency II Insurance Directors’ update letter for all Solvency II affected firms. With the implementation of Solvency less than two months away, reviewing applications for Solvency II approvals is the PRA’s main priority.
We are delighted to announce the appointment of David Gulland and Tom Cannings to join our life insurance consulting team, as the firm continues to grow the breadth of life services we offer to insurance companies.
Our With Profits Survey 2015, has found that almost 40% (17) of mutual insurers’ with-profits funds outperformed all of the largest proprietary firms’ with-profits fund returns in 2014.
We have promoted three of our associates to the position of partner, taking the firm’s total number of partners to 64.