Insurance
With one of the market’s largest teams with qualified actuaries as well as consultants in risk management and legal & compliance, we have a broad understanding of insurance and occupational pension operations and regulations.
Talk to our experts
Our consultants are well-equipped to help you embrace the technology-driven changes in the insurance industry. We have a broad understanding of insurance technologies and underlying platforms to guide you through complex regulations, technology vendor selections, and advanced analytics frameworks. Our tailor-made solutions are designed to maximize customer and business benefits, while ensuring compliance with external and internal rules.
Actuarial & Analytics
With the combination of an in-depth understanding of the financial industry, wide ranging expertise and experienced experts – FCG offers innovative and pragmatic solutions in the areas of Governance, Risk and Compliance. We want our clients to succeed and offer support long term in achieving your goals, and in addition offer sparring in order to bring in new and sustainable ideas.
Actuarial services
- Managed services as actuarial function, operative actuary, interim actuary
- Actuarial modelling
- Product development and innovation
- Risk management
- M&A transactions
Analytics
- Analytics-as-a-service
- Application of AI/ML methods for claims analytics
- Customer analytics
- Fraud detection
- Process improvement and robotic automation (RPA)
- Operational risk measurement
Project management
- Project management for transformations programs, e.g.IFRS 17 and pricing
- Process review and design
- Internal control
- Recovery and resolution planning
- Data management
Finance & Reporting
Insurance firms must have regulatory reporting processes to comply with regulations and to give shareholders a clear view of the business. As regulatory requirements are added – such as Solvency II, IORP II, IFRS 17 and CSRD – and technology improves, expectations on reporting have increased. Firms need to develop the reporting while maintaining the established reporting deliveries. FCG Finance & Reporting support firms to manage both maintenance and development of reporting.
Regulatory reporting
- Reporting as a service (Solvency II, IORP II, Look-through)
- Tailormade co-sourcing solutions
- Well-structured reports and analysis visuals
- Proactive regulatory supervision advisory
Reporting process transformation
- Improvement of reporting process
- Establish a way of working for reporting development and maintenance
- Help select and implement supporting tools
- Identify areas to outsource and manage outsourced services
Sustainability reporting
- Sustainability training
- Align sustainability reporting with industry practice
- Implement sustainability reporting frameworks (CSRD, SFDR, TCFD)
- Establish reporting processes
Insurance Law
With the combination of an in-depth understanding of the financial industry, wide ranging expertise and experienced experts – FCG offers innovative and pragmatic solutions in the areas of Governance, Risk and Compliance. We want our clients to succeed and offer support long term in achieving your goals, and in addition offer sparring in order to bring in new and sustainable ideas.
Insurance – Compliance
- FCG assists with identifying & evaluating compliance risks
- Provides ongoing advice & support to the CEO, the Board and other key functions
- Follow up on compliance related matters concerning internal and external regulations through controls and audits.
Insurance – Legal
- FCG assists and supports in drafting and reviewing legal documents and other corporate legal matters
- Assists in secretarial services to the board and committees, and
- Provide ongoing advice and support to key functions in legal matters.
Insurance – Advisory & Services
- FCG assists in regulatory and insurance law advice
- Reviews of internal policies and other governance documents as well as follow up reviews
- Supervision of regulatory news
- Provide recommendations how to implements sustainability
- GAP-analyses
Insurance Tech
New technology enables insurers to collect, store, analyze and share large volumes of data more efficiently and accurately. This helps them better manage risk and adhere to regulatory requirements. With new tools like AI and machine learning insurers can better identify patterns and gain insights from data that can help them identify and mitigate risks. Technology also makes it easier for insurers to comply with regulations by automating processes, reducing manual interventions and providing real-time visibility into compliance data.
Analyst-as-a-Service
- Analysis from experienced Analysts with insurance knowledge
- New insights to accelerate your digitalization journey
- Take ownership over legacy code to ensure business continuity and future proofing
- Scalable support on demand
Centrality and prediction of operational risk
- New perspective on the inherent operational risks in the organization
- Evaluate the efficiency of controls using simulations
- Possibility to take informed decisions to limit risk exposure
Data review and forensics
- Detect and act on questionable data quality
- Increased trust in decisions, models and reporting
- Good data quality is critical to succeed with your digitalization journey
Risk & Control
Implementing an appropriate risk management system can be difficult. Especially when it comes to creating routines and processes the business can manage and at the same time create efficiency in the implementation of the company’s goals. Designing, implementing and embedding an effective control environment involves a number of challenges to most organizations, and to insurance companies in particular. Insurance business operations constitute a complex landscape, requiring that the companies have a strong grip of the transactional journeys within their process flows.
Risk Management
- Advise on how to manage an efficient risk management function.
- Outsourcing of Risk Management function.
- Improvement and implementation of risk management systems.
- Advise on all risk types, for example sustainability or operational risk.
Internal Control
- Developing strong internal controls for Insurance processes, incl monitoring systems for controls.
- Advise on effective control designs, e.g. automation of controls.
- Ways of working for using a GRC tool effectively when working with internal controls.
Sustainability
- Gap analysis with external rules.
- Integration of climate risks into ORSA.
- Create good conditions for future rules on reporting according to CSRD.
Get a quote
FCG has one of the market’s largest teams with qualified actuaries as well as specialized consultants within risk management, data science and data architecture, legal and compliance and we have a broad understanding of insurance technologies in general and underlying platforms to guide you through complex regulation, technology vendor selections and / or advanced analytics frameworks for specific problems.
