Insurance Solutions

Insurance Solutions

Insurance Product Development

Background: Rapid change in market demand and conditions requires insurance companies to constantly innovate and improve their products and services.
Product development support aims to assist the companies to respond these market demands much faster by shortening the product development time whilst improving the product quality and competitiveness.

How we can help:

  • Assist idea generation and market analysis
  • Feasibility analysis considering time, costs, market readiness and economic & technical risks
  • Product designing, development of policy conditions & technical specifications
  • Review of regulatory compliance

Insurance Company Audit Support for Audit Firms

Background: The volatile market conditions demand internal and external auditors to enhance their role from mere review of financial transactions to proper and efficient usage of resources by the Insurers. This demands the auditor to familiarises with the functions, systems, processes, management aspects and regulatory & technical aspects of the insurance industry to perform their role in a more efficient and effective manner.

How we can help:

  • Technical guidance in reviewing
    • Operational compliance with the legal and regulatory norms
    • New business process and underwriting guidelines
    • Policy servicing and premium collection
    • Claims management
    • Reinsurance
    • Control over the compliance and execution of the product development process
    • Effectiveness and adequacy of System and process controls
  • Provide understanding of the activities undertaken by the insurer and the regulatory & legal framework in which they operate

Life / Non – Life Insurance Operation Process Review and Optimization

Background: Operational processes become ever more challenging and complex with customer centric sales and marketing strategies, regulatory changes and constant introduction of competitive products that demand service differentiation.
This requires Insurers to continually streamline underwriting and claims processes to support the sales function effectively, improve quality and response time whilst reducing claims and operational costs.

How we can help:

  • Operational process review and work-study to reduce the process cycle time and improve service delivery in areas such as sales, underwriting & claims
  • Predictive analytics and robust rule development for claims and underwriting to manage claim leakage, process automation and improve processing time.
  • Support in executing company’s digital strategy and building digital capabilities
  • Support in developing flexi/ telecommuting arrangements for operations staff to improve staff satisfaction, reduce loss of key technical staff whilst reducing operational costs Support in documenting operational policies and procedures

Technical and Sales Training on Actuarial and Insurance operations

Background: Operational processes become ever more challenging and complex with customer centric sales and marketing strategies, regulatory changes and constant introduction of competitive products that demand service differentiation.
This requires Insurers to continually streamline underwriting and claims processes to support the sales function effectively, improve quality and response time whilst reducing claims and operational costs.

How we can help:

  • Structure training program for newly recruited advisors covering the financial need analysis, products, insurance principles, regulatory framework and technical aspects such as underwriting, claims, reinsurance and product pricing
  • Structured training program for experienced advisors and team leadership covering financial services sector and its instruments, pricing methodology, medical underwriting, underwriting, claims philosophy and solvency aspects
  • Customized training programs for senior management and board of directors on the life insurance parameters to monitor and aware from both life operations and actuarial perspective

Quick Links

Locate Us

110/117, Winsel Park, Horahena Road, Pannipitiya, Sri Lanka

+94 774 702 189

thanuja@actsurelab.com