What We Do
Managing property and casualty risk in today’s business environment can be an extremely difficult task. Our P&C actuaries and consultants have years of hands-on insurance company experience. Our team includes former chief actuaries, chief risk officers, chief underwriting officers, and regional executives who provide a range of services.
Risk managers, chief actuaries, and CFO’s are faced with the challenge of minimizing risks while maximizing returns within ever-changing legal, economic, and regulatory environments. Independent, specialized advice and professional services help organizations meet this challenge.
The Insurance Practice within Oliver Wyman Actuarial P&C is fresh and agile, ready to pivot with the market’s ebbs and flows to combat any challenge and strategically plan for the future. The practice is comprised of individuals from various backgrounds who have multiple years of experience of expertise. We approach insurance work with an open mind, clear goals, perspective, enthusiasm, creativity, excellence, and detail.
We provide loss reserve analyses including statistical reserve range estimates and provide NAIC and captive statements of actuarial opinion. Including Independent review of unpaid loss and loss adjustment expense reserves, Appointed actuary independent peer review, and Statements of Actuarial Opinion.
We design new insurance products for emerging risks, prepare rate filing support and assist with the approval process.
Competitive Market Analysis
Our competitive market analysis includes a Market Appetite Review, Qualitative Analysis, and Quantitative Analysis.
Our ratemaking services include determining the overall adequate rate need as well as the appropriate classification relativities to be applied to reflect exposure characteristics.
Rate Filing Support
We develop base rates, class rating plan factors, individual risk rating, and profit targets, consistent with company underwriting guidelines. Additionally, we are responsible for taking on the preparation and defense of rate filings submitted to insurance regulators.
Enterprise Risk Management and Economic Capital
We Assist in development and implementation of ERM/ORSA processes and approach for effective risk and capital management while meeting regulatory requirements of the NAIC’s ORSA initiative.
We provide expert testimony in regulatory proceedings (including liquidation), tort actions, and litigation involving general business disputes. Additionally, we help our clients remain compliant with the NAIC Governance Model Act, Solvency II Standards and Bermuda Economic Balance Sheet.
Mergers and Acquisitions
We assist with Buy-side and sell-side support for insurers, banks, law firms, and PE firms for acquisitions of insurers or books of business in US and internationally.
Reinsurance Risk Transfer
Reinsurance policies must meet minimum risk transfer requirements to meet certain accounting treatment metrics. We provide the modeling and documentation required for auditor review.
Our extensive experience with model risk management, validation and governance makes us a tenured partner for model validation. We use model validation to address regulatory requirements (e.g. SR 11-7 Federal Reserve Guidance on Model Risk Management), identify and mitigate risks associated with models that have a financial impact, identify areas where models can be improved, and address ERM model validation requirements.
We offer a service in which the consultant assumes the responsibility for maintaining one or more processes and functions for a client in order to improve operations and/or cut expenses.
We provide clients with an Actuarial Transformation so that they can experience insightful and transformational benefits. Click through to see how.
Our predictive modeling process is the refinement of underwriting and pricing and business segment profitability, claims analytics for effective claims mitigation strategy, and lifetime value and retention. We can help extract value out of your data and suggest external data to enhance your pricing model.＋
Oliver Wyman Actuarial is committed to helping MGAs and MGUs thrive in today’s competitive market. Our actuaries use predictive models to develop optimized rates to support profitable growth. Our consulting includes visual analytics, competitive market analysis, M&A due diligence, and reinsurance support. Learn more about how Oliver Wyman can support your organization in this short video.
Who We Are
The Insurance Leadership Team within Oliver Wyman is a team of insurance experts across the country that are committed to driving innovation and best practices within the Insurance Practice of Oliver Wyman Actuarial Property & Casualty.