Partners has also developed actuarial models using the Mo.net software to cater for conventional life insurance and working on developing models for general insurance business. Financial modelling is increasingly complex, not least driven by recent statutory requirements and companies’ own internal stress tests. Being developed fairly recently on the latest IT platform with no legacy issues, Mo.net has its own advantages over other software in the market. Coupled with Partners’ extensive experience in insurance consulting, the actuarial model is set to be one of the best in the market.
Although Mo.net is used extensively in Europe by the likes of AEGON UK, Barnett Waddingham LLP, Fortis UK (Now Ageas Protect UK), GenRe and KPMG to name a few, it is fairly new and is just being introduced to insurers in this region. In the course of Partners’ consulting engagements, Mo.net has been used for the following types of work:
- Appraisal Valuation – Partners has used the model on an appraisal assignment for a conventional life insurer. The model was used to calculate reserves on a participating annuity product and projection of new business for one of the insurer’s main products under various sensitivity test assumptions.
- Gross premium and bonus reserve valuation – This was done for an insurer outside of Malaysia. Aside from the valuation work proper, the project included solvency projection, sensitivity testing and IFRS 4 compliance related work.
- Audit work – Partners has performed checks on a Malaysian life insurer’s GPV and RBC calculations and cash flow outputs produced by a competitor’s software.
With Mo.net, a project’s lead time can be significantly shortened without the need to allocate additional resources to the project.