A role that is key to the delivery of fair treatment of customers for proprietary companies.  For mutuals, we would normally combine this role with the actuarial function role to avoid double charging.  For proprietary companies, it is probably best to split the two roles.  The with profits actuary should be independent of senior management.

Key Benefits

• Clear proof that the with profits actuary role is independent of senior management by the appointment of an independent consulting firm.
• No links to non-executives on your board which can compromise independence;
• Constant awareness of the needs for management and the actuarial function for a smooth relationship unmarred by personality clashes;
• Partner and associate level advice to the with profits governance body which is senior enough to understand the issues faced;
• Clear communications to all on the with profits governance body irrespective of background.

Capabilities

This role is all about clear communication between the actuarial specialist, the with profits committee, the full Board and the policyholder / member.  We value communication above purely technical skills.

Technical competence

We will ensure that the necessary range of actuarial tools are employed to achieve the key reporting requirements.  

Audit trail.

A clear comprehensive audit trail will be delivered as part of the package.  The aim is to ensure that, not only are decisions on fairness taken properly but that they are documented as such.