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To achieve full business potential and success
depends crucially on your accessibility to the best quality advice.
Watson Wyatt Insurance & Financial Services
Consulting offers first class, independent actuarial advice on all
aspects of life, general (or “property and casualty”) and health
insurance through a highly flexible and client-oriented approach to
meet your every needs.
Watson Wyatt combines local expertise with international experience
to give strategic advice to clients on a diversity of insurance
matters.
Strategy Formulation and Development
Watson Wyatt’s strategy divisions comprising of a
multi-disciplinary team that specializes in financial services,
works with clients to assist them in their strategy formulation and
development, helping them to recognize and understand their sources
of competitive advantage and ways to capitalize on their strengths.
Watson Wyatt provides superior consulting advice for new market
entrants, new products and services, new distribution and sales, as
well as both corporate and strategic development.
Establishing a New Insurance Company
Through dedicated research and analysis, Watson Wyatt is able to
assist clients in developing their strategies through the use of
financial modelling, restructuring existing operations and providing
consulting advice on any other issues that may arise in the process
of establishing a new insurance company.
Business Planning and Capital Management
Watson Wyatt assists companies in the development of effective
management information systems that incorporate financial
projections of profit and capital requirements. Besides providing
consulting advice to clients throughout the full strategic planning
process, Watson Wyatt also assists companies in the analysis and
management of expenses, design of product offerings, setting of
pricing policies as well as offering consulting advice on capital
management projections and providing assessments services.
Statutory Valuation and Financial Reporting
Watson Wyatt has considerable experience in providing strategic
consulting advice throughout the whole statutory valuation process.
Other related consulting services include financial condition
reporting through a sophisticated actuarial projection tool that is
specially developed by Watson Wyatt for the life insurance industry
in the process of all valuation calculations.
Asset Liability Modelling (ALM)
Watson Wyatt helps companies to understand the nature of their
investment risks and manage their mismatched assets and liabilities.
Watson Wyatt’s ALM system, which incorporates both a
one-step-at-a-time projection process and detailed modelling of
assets and liabilities with corrective action measures, adds great
value for companies that require the projection of investment
results based on a large number of economic simulations generated
using a stochastic asset model.
Distribution consulting
At Watson Wyatt we have the skills and experience to provide
world-class advice on the distribution of financial services
products. The services we offer range from strategic planning for
the establishment of an alternative distribution channel (including
bancassurance, salaried sales forces, direct marketing,
telemarketing, worksite marketing and affinity groups) to managing
the integration of multi-distribution channels and running
effectiveness improvement programs for traditional agency forces.
We have a special focus on implementation, not only providing
project management skills during the implementation process, but
also mentoring clients and sharing our knowledge with them. The
skills and knowledge transferred during a project enables our
clients to build in-house capability.
Generic Actuarial Support
Comprising of a dedicated team of experienced consultants, Watson
Wyatt is able to provide a wide and comprehensive range of actuarial
services to clients. Watson Wyatt has considerable experience acting
as Appointed Actuary for many life insurance companies around the
world.
Actuarial Software
VIP, a sophisticated proprietary financial projection software
specially developed by Watson Wyatt for use in the life insurance
industry, assists Watson Wyatt’s consultants and clients in the
efficient management of financial information and effective business
planning. Watson Wyatt’s VIP system allows clients to optimize their
investment strategy, ensures maximum contributions to profit are
made by the client company’s funds, calculates and projects embedded
values and other measures of profit accurately, calculates statutory
reserves accurately to prevent capital from being tied-up by
approximations in valuation and accurate projection of cash flows,
bonus distributions and associated shareholder transfers.
Claims Reserving
Watson Wyatt offers practical knowledge and global insurance
consulting experience on claims reserving, a vital area of general
insurance company management and a primary concern for the company’s
future financial development and its implications to its
shareholders. Using an actuarial approach and sophisticated
statistical techniques for claims projection with a special emphasis
on understanding the company’s business, Watson Wyatt is able to
assist companies in writing all classes of business. With a variety
of experience in the local and overseas general insurance market
inclusive of Lloyd’s and London market, Watson Wyatt also provides
other non-life insurance provisions reviews other than claims
reserve, including unearned premium reserves, additional non-expired
reserves, future reinsurance bad debts and future allocated
claims-handling expenses.
Premium Rating and Product Design
Watson Wyatt has extensive experience in designing new products and
sophisticated rating structures for companies in many different
classes of business to prepare them in responding quickly to as well
as meeting the ever fast-changing market trends. Through detailed
analysis of the market conditions, comprehensive analysis of rating
data using a set of sophisticated statistical techniques and at the
same time keeping the client’s requirement in consideration, Watson
Wyatt helps companies to stay ahead of competition using unique and
innovative marketing techniques, A sophisticated PC-based premium
rating analysis system that is available for sale, “Pretium”, is
specially developed by Watson Wyatt for actuaries and statisticians’
use in the insurance industry. “Pretium”, manipulates data and fits
statistical models in an efficient way to produce output in a
variety of graphical and tabular forms that allow easy
interpretation of the rating results.
Risk Management for General Insurance Companies
Due to the nature of the general insurance business, it is important
for companies to accurately access and manage risk and investment
options. Watson Wyatt helps general insurance companies to achieve
an acceptable balance between risk and reward through a complete
assessment of the business profile, evaluation of risk probability
in different scenarios using a stochastic asset liability modeling
approach, financial evaluation projections of different risk
retention strategies using various simulation techniques and
consultation on the different levels of cover as well as risk
management.
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