The success of a company is with the skills of its people. We are here to assist in that success. Our programs are fully customizable and include:

Assignments which not only assist in understanding the material but can be catered to focus on particular needs of your company. These assignments are designed to be collaborative, and allow leaders in the company not taking the training to access and comment if desired. At the completion of training you will receive these assignments as your own intellectual capital which can be used accordingly.

Discussion forums to highlight key issues and use as a basis for periodic live sessions (virtual or physical).

Leaderboards to monitor staff progress. Our goal is for everyone to learn in their own way. 

Integration of surveys to get ideas and opinions on current practices at your company and suggestions for improvement

Training developed for companies is normally ideal as it allows a collaborative approach to real world issues being faced by the company.  However, some issues are industry wide, so training and discussions at an industry level is most effective.  Our programs can be structured for the needs of the association, with online learning mixed in with assignments, surveys and discussion forums as a start, followed by live sessions to maximize creativity and knowledge transfer.

Our current programs include:

Life or General insurance actuarial training program. This can be structured exactly as per for companies, or fine tuned to incorporate current issues which should be discussed at an industry level; for instance the effect of new regulations on the work of the actuary.  This program is also useful for markets where there are few actuaries, so it would be more efficient to train on an industry level.

IFRS17 training program.  Our IFRS17 training program goes beyond the usual surface level training given by many consulting and audit firms. Based on our knowledge and experience implementing IFRS17 we will perform an initial analysis to understand the major challenges and issues which will be faced (or is currently being faced) and using assignments, surveys and discussion forums to raise awareness for the various challenges and issues and prepare for live discussion sessions to reach consensus where possible.

Product development program.  At an industry level an awareness of the protection gap of the market is important, as well as understanding the reasons for such gaps and how to overcome them.  Our program will combine online learning on various market segments, distribution channels and other aspects such as the presence of government programs with assignments, surveys and discussion forums to prepare for live sessions

Takaful development program. Takaful is not just a name change, it is a change in the way of doing business. Many markets desire an environment where Takaful is treated in line with conventional insurance, meaning not at a disadvantage or having any special advantages. This is easier said than done however. Without careful planning any Takaful development might simply result in business shifting from conventional insurance to Takaful, rather than expanding the overall sales of insurance. Thus at an industry level there should be agreement as to regulatory needs as well as required changes to other regulations such as tax laws.  There should also be discussions over issues such as whether to allow a variety of operational models or ensure consistency in the market. In many cases it is advantageous to nurture innovation, but fighting over which operational model is more Islamic can have devastating results on the success of Takaful in the market. Our program will carefully train on the various key issues and assist the market in designing a solution suitable for that market.

Regulators have special training needs, as regulators often times are the last line of defense for protecting the policyholder. Regulators also don’t receive the same level of detailed information that the actuary of the insurer would have, nor be aware of the various internal discussions. Thus regulators, whether actuarial or not, need to understand not only trends but also potential reasons for such trends and whether there are reasons to be worried.

Our current programs include:

Life or general insurance training program.  Although the structure of this program can be similar to that used for companies, the focus will be on assignments and discussions relevant to the work of the regulator, especially in relation to the review of actuarial valuation reports and actuarial pricing certificates.  Simple spreadsheets will be designed by participants to ensure they are able to assess what relevant assumptions would be along with appropriate methodologies for checking actuarial valuation results, profit testing and projections. Detailed issues relating to more comprehensive reports such as financial conditions analysis will also be the focus of training.

FRS17 training program. Regulators will not have to be involved in the detailed implementation. However, regulators will be able to use the results under IFRS17 to monitor the health of insurers.  In some markets the various detailed decisions under IFRS17, which each insurer needs to make, are set at an industry wide basis by the regulator. Thus each regulator will have unique needs relating to IFRS17 and thus unique training required.  Our program will combine online learning with hands on exercises.

Product development program.  One role of the insurance regulator is to promote the growth of the insurance industry, increasing insurance penetration in the country. A key aspect is an awareness of the protection gap of the market is important, as well as understanding the reasons for such gaps and how to overcome them.  Regulators have the ability to fine tune regulations and incentives to stimulate growth in insurance. Our program will combine online learning on various market segments, distribution channels and other aspects such as the presence of government programs with assignments, surveys and discussion forums to prepare for live sessions. 

Takaful development program. Takaful regulations vary greatly by country.  At the heart of most Takaful regulations is the desire to facilitate the growth of Takaful whilst being fair in relation to non-Takaful business.  This is easier said than done, with different markets taking very different approaches to Takaful.  Thus regulators in a market need to come to agreement as to regulatory needs as well as required changes to other regulations such as tax laws.  There should also be discussions over issues such as whether to allow a variety of operational models or ensure consistency in the market. In many cases it is advantageous to nurture innovation, but fighting over which operational model is more Islamic can have devastating results on the success of Takaful in the market. Our program will carefully train on the various key issues and assist the market in designing a solution suitable for that market.

There is currently a gap between universities who are able to bring in qualified actuaries with industry experience as lecturers and those universities who have less access to such resources.  Our programs are designed to fit seamlessly into senior level actuarial courses.  We will work with you to fit a selection of our courses and videos into ideally two semester courses over one year.  For these courses we supply the videos and quizzes and will work with you to set up assignments. The role of the lecturer will be to review the assignments and show practical examples rather than focusing on theory.  These examples can be used to give ideas into final year projects where required by the university, or actual final year projects can be presented.  Of course our programs can be structured in other ways as required, with the goal of ensuring your students have the real world knowledge to succeed at job interviews and thrive after graduation. 

All of our courses are available on an individual basis, and can train you on the real world issues required to succeed in an actuarial department in the developing world.

Our courses can also be personalized to your needs, and upon completion you will receive our Certificate of Actuarial Practice.  This certificate is achieved by passing the clap 1 till clap 4 courses, and completing assignments which will be designed for you.  Depending on your needs the certificate can include a specialization in Takaful and / or IFRS17.

Congratulations on your decision to consider setting up Takaful operations.  As part of this you will need to make a number of decisions:

• What model will you use for your operations? If there is already Takaful in your market will you follow their model or will you innovate with new models? How does the profitability vary by these models? How are the risks different with the different potential models?

• For each of the various set up issues, how will you resolve them, balancing the unique needs of Takaful with practical considerations?
• How will you manage the Takaful operations, ensuring the unique requirements of Takaful such as surplus distribution are managed efficiently?
• What innovations will you incorporate into your Takaful operations?

Our Takaful course will assist you in answering these questions and provide a framework for you to start operations.  This course cannot replace detailed consulting advice, but will provide a framework for you to use in starting your operations.  Our course is designed for both technical as well as non-technical staff such as shariah scholars interested in understanding more on the technical aspects of Takaful. 

We strongly recommend combining our Takaful course with CLAP 2, product design and pricing to assist in market segmentation and analysis to assist in the development of an initial business plan for the Takaful operation.

For existing Takaful operations our program can be used to train new staff as well as personalized for your particular needs, such as assisting in innovating into new market segments.

The board of directors and senior management are required to understand technical topics in order to manage the insurer. This can be daunting as regulations become more and more complex.  Our programs at this level are mainly live rather than online, with a focus on material required to facilitate specific strategic goals relating to the training.  Examples of our training include:

IFRS17:  understanding IFRS17 is just the first step for the board of directors, as the board must then have practical tools and abilities to use IFRS17 to manage the insurer.  Our training will start with the basics of IFRS17 online, to ensure a basic level of understanding. The training will then include live sessions with particular goals in mind related to using the information which will be available to the board of directors relating to IFRS17 such as  comparing your operations with competitors and building KPI for management.

Strategic management: the board of directors regularly receives various very technical documents, including business plans.  To assist in understanding the details in business plans our program will start with online training on new regulations affecting the insurer, and market segmentation analysis including protection gap analysis. Live sessions will then focus on the effects of new regulations on the business plan, how the board can ensure the new regulations are being handled appropriately, and whether business plans adequately address initiatives focusing on protection gaps and other opportunities.  Takaful will also be included as needed.

An introduction to actuarial science, a free course designed for people interested in actuarial science, as well as non-insurance people who are just starting a role in an insurance company or are considering such a role.

Data analysis and assumption development for life insurance. The goal of this course is to provide the foundations of all other actuarial work, namely data analysis and assumptions development. These topics covered in CLAP1 are key to any actuarial work. After completing this course, you will be able:

• Prepare an experience analysis report incorporating mortality, management expenses, loss ratio, lapse rates and investment return which can be used for management meetings to assist management in understanding the drivers of the business.

• Prepare a data issues report incorporating accuracy, completeness and consistency checks which can be used in discussions with the operations department for systems improvement

Core competencies include:

• Ability to define and perform data accuracy, completeness and consistency checks

• Ability to define and perform experience analysis for mortality, management expenses, loss ratio, lapse rates and investment return

Product development and pricing for life insurance. The goal of this  course is to review a number of aspects broadly relating to product design and development, along with correlated technical issues the actuary may need to understand as a part of product design and development.  Note that this course does not involve profit testing and calculation of reserves, and thus can be understood by non-actuaries. After completing this course you will be able to:

• Structure the design of a product including features and profitability goals
• Perform market segmentation analysis for a chosen market and analysis of the ability of the product developed above to succeed in that market.
• Assess the strengths of various distribution channels in a chosen market and determination of the optimal distribution channel for the product developed above

Core competencies include:

• List out, define and perform the steps required to develop an insurance product
• Working knowledge of how to determine the assumptions required for product development including product pricing goals  
• Ability to put together a market segmentation analysis
• List and describe the various common distribution channels

Technical topics in life insurance. This course will dive into foundational technical concepts of life actuarial work, starting with an overview of reserving processes and practices including net premium valuation (NPV).  Although globally insurers are moving to gross premium valuation (GPV), some markets still use net premium valuation currently, and even in countries with GPV there tend to be old products and documentation under NPV.  This is followed by concepts related to GPV, including tutorials on actually calculating GPV reserves.  The third chapter will cover specific concepts related to GPV and the fourth chapter will move on to profit testing and projections.   By the end of this course the participant will have created a working excel model for GPV, profit testing and 5 year projections. 

Key deliverables include:

• A working excel model for GPV reserving
• A working excel model for Profit Testing
• A working excel model for 5 year projections

Core competencies include:

• Ability to define and appreciate the purpose of actuarial valuations including the calculation of net premium valuation reserves
• Ability to define and perform calculations of GPV reserves, including risk margins, policyholder reasonable expectations and future bonuses in addition to various potential complications
• Ability to define and perform calculations for profit testing, including modeling and solvency margin
• Ability to to perform projections

Actuarial reserving for short term insurance. Short term reserving can also be called general insurance or property casualty insurance reserving, but really everyone in the developing world especially should understand short term reserving.  Most actuarial staff working in a general insurance company should understand the concepts in this course, but also actuarial staff in a life reinsurance company will tend to also use these concepts. 

Key deliverables include:

• Drafting a capital management plan
• Designing a par bonus policy
• Designing a investment policy
• Putting together a financial conditions report

Core competencies include:

• An understanding of solvency management including risk based capital (RBC), internal target capital levels (ITCL), capital management planning (CMP) and the internal capital adequacy assessment process (ICAAP) 
• An understanding of surplus distribution including asset shares, managing par business and treating customers fairly (TCF)
• An understanding of asset liability management including practical issues such as limitations in assets and competitive pressures.
• An understanding of risk management in an insurance company
• An understanding of the issues involved in putting together a financial conditions report

Actuarial reserving for short term insurance. Short term reserving can also be called general insurance or property casualty insurance reserving, but really everyone in the developing world especially should understand short term reserving. Most actuarial staff working in a general insurance company should understand the concepts in this course, but also actuarial staff in a life reinsurance company will tend to also use these concepts.  Life insurers may have significant amounts of yearly products which will need short term reserving rather than simplified approaches that life actuaries have tended to use.  Non actuarial staff as well should understand these concepts in order to better understand the financial statements of insurance companies.   

This course will discuss the data analysis and work which is required, the various types of reserves such as IBNR, IBNER and UPR, and go into more details such as ULR, link ratios, BF, URR and UER.   

Key deliverables include: 

• Working spreadsheet for various types of IBNR calculations

Core competencies include: 

• An understanding of data preparation for short term reserving and initial analysis of claims trends
• An understanding of reserving approaches including UPR and IBNR, and within IBNR approaches such as ultimate loss ratio, link ratios and Bernheutter-Fergusen (BF).  
• An understanding of UPR versus URR plus UER
• An understanding of the importance of backtesting

The goal of this course is to give a technical foundation of Takaful from a practical rather than theoretical point of view.  It is designed for people who are either interested in starting Takaful in a new market, or are shifting to Takaful from a conventional insurance background. This course is also useful for fresh graduates to supplement university learning with practical training and Shariah scholars interested in a deeper understanding of technical aspects of Takaful. 

Key deliverables include:

• Development of a guide to current Takaful models in your market or ideas for potential models

• Development of a guide to potential set up issues and how to resolve them

• Simple working spreadsheets for the major Takaful models in use

• A guide to dealing with key issues in managing Takaful, and
• A description of potential innovations in Takaful

Course competencies include:

• An understanding of CSM, measurement approaches, grouping of contracts, transition issues and initial technical decisions
• An understanding of how to incorporate reinsurance, determination of discount rates, subsequent measurements of CSM, RA and special issues relating to participating products and general insurance
• An understanding of how IFRS17 relates to solvency calculations and statutory valuations 

The goal of this course is to provide insights into IFRS 17. This course will be detailed in nature and provide examples for basic concepts such as CSM, measurement approaches, grouping of contracts, transition issues and initial technical decisions.  Further issues will also be explained in detail such as reinsurance, determination of discount rates, subsequent measurements of CSM, determination of RA, dealing with participating products and issues with general insurance.  There will also be hands on calculations and illustrations of changing profit signatures for a range of products.  Finally IFRS17 will be compared to solvency calculations and statutory valuations.

Key deliverables include:

• Hands on worksheets for the various calculations of IFRS17

Course competencies include

• An understanding of CSM, measurement approaches, grouping of contracts, transition issues and initial technical decisions
• An understanding of how to incorporate reinsurance, determination of discount rates, subsequent measurements of CSM, RA and special issues relating to participating products and general insurance
• An understanding of how IFRS 17 relates to solvency calculations and statutory valuations  

Issues in IFRS17 for Takaful. This course will discuss various special issues for Takaful under IFRS17. This course builds on the material of the prior course on IFRS17.  Various Takaful models around the world are described, including a comparison of the cash flows and revenue streams in Takaful as opposed to conventional insurers.  Technical differences between Takaful and conventional insurance are also reviewed, such as ownership of funds, Qard and variations by Takaful model.  The course then deep dives into Takaful under IFRS4 as well as IFRS17 including examples and sample accounts. Practical considerations such as the use of a two columnar approach and the concept of mutualization are also reviewed.

Key deliverables include:

• Hands on IFRS17 spreadsheets for several major types of Takaful products

Course competencies include: 

• An awareness of how various cash flows are different for Takaful, and within Takaful for various model types
• An understanding of how ownership of funds, Qard and surplus distribution affects IFRS17
• An understanding of how Takaful financial statements should look like under IFRS17.

The goal of this course is to provide a technical foundation of Takaful from a practical rather than theoretical perspective. The course does not delve into religious (Shariah) discussions or merely review existing Takaful regulations. Instead, it concentrates on technical aspects related to the development and management of Takaful. This second course delves into intricate Takaful matters, including surplus sharing and Qard, risk management, regulations, as well as innovation and other contemporary issues.  A total of 14 hours of learning is available with this course and is useful for anyone involved in the operations of a Takaful operator or interested in Takaful.

By completing this course you will gain a comprehensive understanding of practical aspects of Takaful, building upon the foundation laid in the prior course. The most intricate and perplexing issues in Takaful will be thoroughly examined from a technical perspective. This will equip you with the skills to effectively manage these complexities, thereby ensuring the company’s success.  You will acquire the ability to proficiently manage Takaful operations, encompassing surplus distribution, qard, risk management, and navigating Takaful regulations. Furthermore, you will be introduced to contemporary Takaful concerns, such as innovative models for savings and risk products, strategies for successful microtakaful implementation, leveraging the discretionary mutual structure, and employing technology for Takaful innovation.

This course is based on a workshop conducted by Actuarial Partners on the 22^nd of August 2023. This one-day workshop dug down into key issues affecting the relationship between Takaful operators’ Shariah Council and Participants. Among the key issues that were looked into:

▪ Does the Shariah council work for the shareholders or for the participants?

▪ What is the role of the Shariah in surplus sharing?

▪ Do accounts under IFRS 17 need to be shariah compliant?

▪ How should the Shariah get involved in ESG?

▪ Mutual assistance sounds nice, but how does it actually work?

▪ What is the Shariah opinion on the split or combining of risk funds?

By enrolling in this course, you will gain an understanding on the topic of Surplus Distribution – definitions, regulations, the way surplus is distributed and impact of IFRS 17 implementation as well as insights on the key issues affecting the relationship between Shariah Council and Participants.

Our most widely presented course, presented from Malaysia to Thailand, Brunei to Jordan. Short-term reserving can also be referred to as general insurance or property casualty insurance reserving. However, it’s important for everyone, especially in the developing world, to comprehend short-term reserving. Most actuarial staff working in a general insurance company should grasp the concepts covered in this course. Additionally, actuarial staff in life reinsurance companies often find these concepts useful. Life insurers often deal with significant amounts of yearly products that require short-term reserving, rather than the simplified approaches commonly used by life actuaries. Non-actuarial staff should also understand these concepts to gain insights into the financial statements of insurance companies. A total of 6 hours of learning is available with this course.

By enrolling in this course you will develop an understanding of data preparation for short term reserving and initial analysis of claims trends. You will build an understanding of reserving approaches including UPR and IBNR. Explore IBNR approaches such as ultimate loss ratio, link ratios, and Bernheutter-Fergusen (BF). You will also gain insight into the differences between UPR, URR, and UER. Finally you will develop a grasp of the importance of back-testing.  Within this course, you’ll find videos, readings, quizzes, and coursework.

To Preview this course:

https://actuarialpartnerslearning.com/course/view.php?id=71

Our most popular course is our course on IFRS17. This course is supported by the course listed under Takaful on Takaful under IFRS17.  IFRS17 is also a very actuarial standard in nature, so the concepts in our Core Life Actuarial Practice 3 is also relevant. The goal of this course is to provide comprehensive insights into IFRS17. The course will be detailed in nature and will offer examples for fundamental concepts such as CSM, measurement approaches, contract grouping, transition issues, and initial technical decisions. Additionally, further issues will be explained in detail, including reinsurance, discount rate determination, subsequent measurements of CSM, RA determination, addressing participating products, and addressing general insurance issues. The course will also include hands-on calculations and illustrations depicting changing profit signatures for a range of products. Finally, IFRS17 will be compared to solvency calculations and statutory valuations. A total of 16 hours of learning is available with this course and is useful for anyone involved in IFRS17 or potentially will be involved such as actuarial departments, finance team, IT or upper management.

By enrolling in this course you will gain an understanding of CSM, measurement approaches, contract grouping, transition issues, and initial technical decisions.  You will also gain an understanding of how to incorporate reinsurance, determine discount rates, make subsequent measurements of CSM, determine RA, and address special issues related to participating products and general insurance. Finally you will gain an understanding of the relationship between IFRS17, solvency calculations, and statutory valuations.

The practical skills gained from this course are:

▪ Hands on worksheets for the various calculations of IFRS17

To preview this course:

https://actuarialpartnerslearning.com/course/view.php?id=104

Inclusive insurance is more than cheap premiums. This market segment refers to individuals who traditionally have had limited access to insurance and a reduced understanding of its role in risk management or as a savings tool. This specific market doesn’t simply require the same products at a lower premium; it demands a shift in mindset and in our business approach. This short course will delve into these aspects. The first section focuses on elements of product development. The second delves into more intricate subjects, including traditional market segments and government programs tailored for the B40 market. The final section presents a case study demonstrating the use of inclusive insurance within ESG coverage initiatives. A total of 5 hours of learning is available with this course.

By enrolling in this course you will develop an understanding on how inclusive insurance aims to assist the underserved in insurance. You will also explore more on the topics of product development, value-based insurance as well as how insurers can tailor government programs for specific market segments, particularly the B40 market. Finally you will see useful insights on how inclusive insurance aligns with ESG coverage initiatives, showcasing its broader societal and ethical impact.

In a report by the Institute and Faculty of Actuaries (IFoA), The hidden risks of being poor: the poverty premium in insurance, the poverty premium was defined as the ‘extra costs incurred by low-income households when purchasing the same or similar essential goods and services as households on higher incomes. In insurance, and from the consumers’ perspective, fairness is accessibility to an affordable level of cover that ensures they are protected from unexpected shocks. This is different to an insurer’s perspective, which views individualisation of risks to be fairer, specifically that consumer’s premium should reflect the level of risk. This presentation looks at an alternative perspective to the pooling of risks, that of risk sharing rather than risk transfer. It considers how Takaful can be nurtured to minimise the poverty premium. This course delves further in understanding this issues by incorporating important pieces of materials from other available courses such as basic pricing theory, fairness concepts, protection gap analysis as well as basic Takaful concepts.  A total of 5 hours of learning is available with this course.

By enrolling in this course you will be able to gain insights on the underlying issue of poverty premium. You will also gain an understanding on the basics of Insurance and Takaful, which includes pricing theories and profit testing measures. Finally you will gain further information on the current B40 experience: Protection Gap Analysis, Perlindungan Tenang Initiative and other important B40 statistics.