Prime Resource Ltd. has announced the launch of a new business division, “The Actuarial Consultants”. “The Actuarial Consultants” (TAC) will provide actuarial services to insurers and banks in the UK, Europe and Middle East.
“We believe current regulatory developments such as Solvency II are placing significant strain on the insurance industry and that the time is right for a new type of consultancy – one that places emphasis on flexibility and sensitivity in solving the problems facing clients face” says Charles More, Director of TAC and Fellow of the Institute and Faculty of Actuaries.
“Even if we discount the difficulties facing companies, especially small to medium-sized players, as a result of Solvency II, significant issues remain: The recent ECJ Gender ruling means that companies have to re-think their approach to pricing and gender. If we only look at motor insurance for example, this probably means wide-spread adoption of Telematics devices or Pay-How-You-Drive insurance. This presents a great opportunity for the first companies out there to get it right. Our experience in this area means we are able to make sense of the resulting masses of data and help clients outsmart their competitors” says Johan Strydom, Director of TAC and Fellow of the Institute and Faculty of Actuaries.
Mr Strydom and Mr More have joint responsibility for managing TAC and will operate from offices in London and Cheltenham. They have over 25 years of experience in the insurance industry and have experience of working for some of the largest insurance and reinsurance companies in the world.
TAC will focus on assisting insurance companies develop solutions to issues related to pricing in the very competitive UK General Insurance market, reserving and capital assessment as well as risk management.
“Our aim is to move away from the traditional consulting model of high-profile individuals talking to clients while back-office staff produce reports that do not necessarily address the specific issues of individual client” says TAC in its marketing literature.
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