Insurance Consulting and Technology

Whether it’s delivering IFRS17 reporting in a sensible, pragmatic way, helping clients tap into greater pricing and reserving sophistication for competitive advantage, or addressing the growing regional focus on ESG (Environment, Social, Governance) issues, our aim is not just to help Middle East insurers achieve, for example, a tick in a regulatory or auditing box, but to ensure you get maximum business value at the same time.

Our many years of working with insurers in the region means we understand the local market nuances, such as the importance of an insurer’s standing with credit rating agencies in capital management. Ways in which we are providing informed, practical support to clients across the Middle East include:

• Interpreting the standard’s requirements and helping you to identify the gaps in your ability to respond, be they related to data, systems, processes, or people.
• Helping insurers to not only meet the implementation deadline but prepare to manage IFRS 17 reporting as part of business as usual.
• Assisting with key IFRS 17 calculations, such as the complexities of the contract service margin.

• Helping insurers adapt to the rise of price comparison websites in the region.
• Applying lessons learned in the UK about competitive pricing, such as increased volumes versus price adequacy.
• Using reserving as a business planning tool.

• Understanding and delivering required regulatory returns.
• Using actuarial insights to inform strategic decisions.
• Improving actuarial processes.

• Reacting to, and planning for, the growing international and regional regulatory focus on ESG issues.
• Identifying and mitigating physical, liability and transition risks associated with climate change.
• Adapting investment strategy.
• Building awareness of the Taskforce for Climate-related Financial Disclosures (TCFD) framework.

Combining this regional experience with our knowledge of what has worked to overcome similar challenges in international markets, we work with Middle East insurers to provide the strong actuarial, analytical, reporting and governance foundations for their future ambitions in a fast-moving market.