BAYES ACTUARIAL SOLUTIONS

COMPANY PROFILE
ABOUT OUR COMPANY
ABOUT OUR COMPANY
VISION& MISSION

VISION
To become a global actuarial consulting firm known for its highest
quality standards.

MISSION
Our mission is to offer actuarial and analytics consulting
services of the highest standards by working with our clients
as collaboration partners.
 OUR SERVICES

Appointed Actuary IFRS 17

Peer-Review Actuary Reinsurance Optimization

Experience Studies & Product Design & Pricing for

Portfolio Optimization Traditional & Non-Traditional
Actuarial & Accounting Staff areas
Secondment Actuarial Expert for Audit Firms
(Short/Long term basis)

IFRS 9 Crop Insurance

Data Analytics Business Intelligence and

Reporting
 APPOINTED ACTUARY SERVICES

Scope of services for annual and mid-year valuation report shall include the following:

q Providing data request for the relevant information needed

q Data validation and reconciliation, discussion of queries with Management
q Draft valuation report submitted within 10- 12 weeks upon receipt of data
q Final valuation report in the format as required by Labuan FSA
q Response to queries related to the valuation from Labuan FSA

5
 PEER REVIEW SERVICES
Conduct peer reviews to ensure compliance and quality across various actuarial reports and processes.

q Independent review of actuarial valuation report or any other actuarial study conducted by the Company
q The project to include review of assumptions, underlying methodology, data used and results to provide opinion
on whether it is compliant with local regulatory requirement and international best practices

6
 REINSURANCE OPTIMIZATION
Benefits of Reinsurance Optimization Our Approach

q Risk Reduction: Identify opportunities q Data Gathering: Gather premium and claims
to reduce exposure to underwriting data on a granular level, verify against financial
losses. records.
q Profit Maximization: Analyze various q Evaluation: Analyze the financial impact of
reinsurance structures to enhance existing treaties both for Insurer and Reinsurer
underwriting results. to evaluate results.
q Capital Efficiency: Optimize capital q Reinsurance Modeling: Model various
allocation related to reinsurance reinsurance scenarios to assess profitability,
programs. capital requirements and solvency margins.
q Compliance and Reporting: Ensure q Test and Optimization: Assess reinsurance
regulatory compliance and provide scenarios for cost-effectiveness and alignment
comprehensive reporting on with objectives.
optimization strategy. q Results: Present findings along with
recommendation of optimal reinsurance
structure.

7
 EXPERIENCE STUDIES & PORTFOLIO
OPTIMIZATION
Lines of Business

q Life Insurance & Critical Illness: Mortality, Morbidity & Persistency experience by channel, underwriting type and
various other segments
q Medical & Health: Analyze claim trends, areas of concern, impacts of product design, claims process, and
recommend mitigatory steps
q Long Term Care: Analyze incidence, persistency, termination and mortality rates
q Group Insurance: Analyze Group Life, Disability, Critical Illness & Health portfolios and recommend suitable pricing
and design (where permitted) adjustments.
q Portfolio profitability analysis: Model individual & group insurance products, assess the profitability and
recommend remediation methods (if required).

The experience studies project will be designed based on the goals of the client, and the results and recommendations
will be connected to the business strategy and needs.

8
 IFRS-17 COMPLETE IMPLEMENTATION
Initial Review
• Review of existing accounting
structures & actuarial policies of
the Company
• Review of Gap assessment and
other Technical work conducted
by Company for IFRS 17
Data Preparation
• Discussion with IT team to
explain data requirements &
understand current system
capabilities
• Policy level data required for
each reporting period
• Audited Financial Statements
• Component, Head and Party
wise Breakup required for claims
and expenses
Preparing Technical Configuration of IFRS 17
Papers Tool & Results generation
• The Technical Papers for IFRS 17 • Assumptions setting
implementation would be • Model configuration
shared by the Client for our • Data validations
feedback. This will cover the
• Carrying out dry run exercises
following:
for prior periods
• Level of Aggregation policy &
Onerosity Testing
• Measurement approach
• Risk Adjustment & Discount Rate
• Cashflows
• CSM & Loss component
• Transition
• Subsequent measurement
• Reinsurance
• Presentation & disclosure
9
 IFRS-17 THIRD PARTY REVIEW
Our Objective
q Review Q1 reserving reports of Clients (IFRS
17) for actuarial valuation compliance.
q Assist auditing firm in auditing IFRS 17
restatements (Actuarial relevant parts) and
disclosure reviews.
q Provide comfort over mathematical accuracy
of reserves for the most material class of
business.
Information Required
q Technical Provision & Solvency Certificates
q Financial Condition Report
q IFRS 17-related disclosures
q Draft accounts/financials
q Central Bank Templates
q Sample policy-level data and results for
validation
Tasks and Responsibilities
• Review Reserving Reports: Ensure actuarial valuation aligns with accepted
principles and methods under IFRS 17.
• Audit Support: Assist statutory audit teams by reviewing reserving reports,
methodology, assumptions, and sample calculations by Clients' Actuary.
• Mathematical Accuracy: Provide comfort regarding the mathematical accuracy of
reserves for material business classes.
• IFRS 17 Transition: Assist in auditing IFRS 17 restatements on transition and
disclosure assessments.
• Reporting: Prepare a report summarizing the review results for the year ended 31
December 202X:
• Reasonableness of methodology and assumptions used by Clients’ Actuary.
• Comfort over mathematical accuracy of reserves for material class of business.
• Qualitative feedback and market insights on the approach followed by Clients'
Actuary.
10
RISK MANAGEMENT SERVICES

11
 SUSTAINABILITY REPORTING
& CONSULTING SERVICES
Why ESG / SUSTAINABILITY REPORTING ESG Reporting

q Consolidate ESG Information

q Access to large pools of capital
q Support Multiple Frameworks
q Build a stronger corporate brand and
credibility q Integrates with Internal
q Existing Tools & Systems
q Promote sustainable long-term growth
q Internal Dashboard
q Better Operational Performance and reduce
q External disclosure
cost
q Improved Risk Management
q Attract and retain clients and employees.

12
 CROP INSURANCE

q Pricing: Set adequate premiums accounting for risks from factors such as climate change, pest infestations, and
market fluctuations.
q Solvency and regulatory requirements
q Product Development: Products for Indemnity Agricultural insurance such as yield area crop insurance, livestock
insurance and index insurance using satellite data and triggers designed to minimize basis risk.
q Catastrophe Modelling & Stress Testing: To evaluate the potential impact of catastrophic events such as
droughts, floods and other natural disasters, enabling better strategic planning and risk mitigation.
q Retrocession optimization: Evaluate retrocession sufficiency and PML using monte carlo simulation techniques

13
 PRODUCT DESIGN
Lines of Business:

q Individual and Group Life, Critical Illness and Health: Term, Unit-Linked, Non-Par, Par
q Microinsurance: Life, Health, Disability for the underserved and unserved segments
q Warranties: For gadgets, electronics, solar panels, EV batteries, furniture, etc
q InsurTech: Peer-to-peer, embedded insurance, and other non-traditional models

Products are designed to meet the strategic goals of the client, balancing the needs of the customers, stakeholders,
and investors.

14
 ACTUARIAL SECONDMENTS
12 months
contract (easily A minimum of Bachelors
degree in actuarial science
extendable) for Actuarial Secondment Significant experience in
insurance industry
/ Accounting qualification
for Accounting Secondment
Client to interview potential
Knowledge of regulatory
seconded employee for
framework & market dynamics
peace of mind
Hands on experience in
Knowledge of IFRS 17
projects particularly to
requirements
support immediately

Secondment
Advanced knowledge of
Remote option also Able to work independently
Flexible Excel, Qlik etc to support in
with minimal supervision
available on handling large data
terms
reduced cost

Experienced staff
with hands on
experience
15
 GRATUITY VALUATION & END OF
SERVICE BENEFIT CONSULTING
(IAS 19 VALUATION)

Our services include:

ü Gratuity EOSB Valuations
ü Pension Valuations
ü Leave Encashment Valuations
ü Post-Retirement Medical Benefits Valuations, and more.
 IFRS 17 PROJECT EXPERIENCE
IFRS 17 support
including
GAP assessments
- Preparation of
cashflows
- Risk adjustment Review of IFRS 17
calculations Technical papers
Financial Impact - Completing input
assessments template required
by IFRS 17 partner

Review of Audit Actuarial expert

Implementation
Implementation for IFRS 17
partners and providing
pathway & related
managed services
documents for BoD
KEY CLIENTS IN INSURANCE MARKET
KEY TEAM MEMBERS
 OUR FOUNDER
Total Experience: 20 Years plus

Areas of Business: InsurTech, Health, Life, Travel, Warranties

Assignments: Pricing, Analytics, Product Development, Risk

Management, Strategy, Reinsurance, Modelling

LOGEN KANISAN
FELLOW OF SOCIETY OF ACTUARIES, USA
(Year 2015)

Logen is a qualified Actuary (FSA) and has experience working in actuarial, product
development and risk management roles with InsurTech, Health and Life
Insurance companies in the Asia Pacific region.
His achievements includes working on innovative travel and warranties programs
for a leading InsurTech company, and developing profitable market leading life
and health micro-insurance products.
He is passionate about actuarial education and is an avid blogger.
 APPOINTED ACTUARY
Total Experience: 20 Years plus

Areas of Business: Life & Non-Life Insurance

Assignments: Reserving, Periodic Valuation, IFRS-17, Risk

Management, Product Development, Pricing, Profit
Testing, ALM, and Embedded Value
HUSAIN FEROZ ALI
FELLOW OF SOCIETY OF ACTUARIES, USA
(Year 2008)

Husain has worked for several markets including Malaysia, UAE, Saudi Arabia,
Pakistan etc. His previous companies included an actuarial consulting firm, a
European financial institution and a Life Insurance Corporation. His achievements
includes working on a privatization project of a life insurance corporation,
introducing risk based pricing structure for motor line of business and designing
several innovative individual life insurance products. He has worked on several
projects of actuarial valuations, product development, financing agreements, M&A
deals etc.

He has presented in several conferences and takes keen interest in writing articles.
 OUR TEAM COMPRISING SENIOR QUALIFIED
ACTUARIES

KATE BLEAKLEY
JUNAID AKRAM MOHAMMAD IRFAN CHAUDHRY FELLOW OF INSTITUTE & FACULTY OF
FELLOW OF SOCIEYT OF ACTUARIES FELLOW OF SOCIEYT OF ACTUARIES ACTUARIES

Our Board comprises of senior qualified actuaries having experience of multiple

countries & the motivation of exploring all the depths inherent to the profession. Their
collective vertical experience sums up to more than 60 years, giving DD Consulting an
edge in terms of not only greater wisdom but also constant desire to be innovative. DD
Consulting celebrates its team’s diverse set of personalities as well as their
individuality, ensuring that every matter is seen through multiple perspective before
being delivered to its clients.
 NON-LIFE INSURANCE
CONSULTING LEAD
Total Experience: Description

Education: Bachelors in Actuarial Science (UoK, Karachi)

Regulatory Experience: • Perform Reserving for P&C, Insurance & Reinsurance Companies
• Conduct Reserves Review and Audit
• Perform Pricing and Pricing Review for Medical and Motor
• ERM & Stress Testing
• Regulatory Reporting
HASNAIN AZHAR IFRS 17 Experience • Review of IFRS 17 Implementation Pathway & Budget documents
MANAGER • Conducting IFRS 17 GAP analysis
• Review and Conduct Risk Adjustment and Discounting of Cashflows
under IFRS 17
• Perform Financial Impact Assessment for several clients in UAE; work
done includes:
ü Cashflow preparations
ü Risk Adjustment calculations
ü Discount rate working etc

Hasnain worked in Actuarial consulting industry in Pakistan, UAE, KSA and few other gulf regions from last 9
years. He has worked for various clients and project such as IFRS 17 Financial Impacts analysis, GAP Studies,
Regulatory reporting, Capital Modelling, Reinsurance optimization, Pricing and has expertise in various aspects.
He is well-versed in the regulatory requirements of the gulf countries.
 ACTUARIAL TEAM LEAD
Total Experience: Description
Bachelors in Mathematics and Economics (IBA University).
Education: Nearly Associate of Society of Actuaries, USA

Regulatory Experience: • Perform Reserving for P&C, Life and Takaful Companies
• Conduct Reserves Review and Audit for clients in the UAE and KSA
• Perform Pricing and Pricing Review for Medical and Motor
• Perform Reserving for clients in Jordan
IFRS 17 Experience • Actuarial Review of IFRS 17 Design Documents
• Review of IFRS 17 Implementation Pathway & Budget documents
RAHUL KALANI
MANAGER • Calculation of Cashflows for Liabilities for Remaining Coverage (LRC)
and Liabilities for Incurred Claims (LIC)
• Conducting IFRS 17 GAP analysis
• Review and Conduct Risk Adjustment and Discounting of Cashflows
under IFRS 17
• Perform Financial Impact Assessment for several clients in UAE; work
done includes:
ü Cashflow preparations
ü Risk Adjustment calculations
ü Discount rate working etc

An experienced professional with more than 5 years of actuarial and insurance advisory experience in the
Middle East and Asian regions. Rahul is currently working as an IFRS 17 expert whereby he has worked on GAP
Analysis, UAE Financial Impact Assessment and IFRS 17 Design Documents.
Rahul also has extensive regulatory experience of UAE, KSA and Jordan markets in actuarial valuations,
property and casualty underwriting and pricing, capital modelling and solvency projections.
 LIFE CONSULTING LEAD
Total Experience: Description
Education: Masters of Science – Actuarial Science

Regulatory Experience: • Reserving & Experience Analysis for Life Insurance companies
• Pricing and modelling of life insurance products
• Calculation of reinsurance premium for life policies
• Well versed with Prophet, DCS & ReNova
• Regulatory Reporting
IFRS 17 Experience • Cashflow modeling
• Input templates as per IFRS 17 vendor requirements
AZIM MAMDANI
DEPUTY MANAGER • Review of Methodology & Computation of results for Discount Rates
and Risk Adjustment
• Audit Actuarial Expert for several insurance companies for IFRS 17
audit assignments

Azim has worked in life insurance industry for over 8 years and has extensive experience in Pricing, Valuation
and Experience Analysis of various insurance products. He has actively been involved in IFRS 17 implementations
and have also conducted audit review assignments for various insurance companies.
Additionally, he has worked experience in retirement and pension valuations including EU pension schemes.
 ACTUARIAL ANALYST
Total Experience: Description

Education: Bachelors in Actuarial Science & Risk Management (UOK).

Nearly Associate of Society of Actuaries, USA

Regulatory Experience:
• Perform Reserving for P&C, Insurance & Reinsurance Companies
• Conduct Reserves Review and Audit for clients in the UAE and KSA
• Perform Pricing and Pricing Review for Medical and Motor
• Regulatory Reports like Technical Provision, Underwriting and
solvency Reports.
• Business Plans and solvency projections
• Bechmarking on Motor and medical pricing as per client request.

IFRS 17 Experience
• Calculation of Cashflows for Liabilities for Remaining Coverage (LRC)
and Liabilities for Incurred Claims (LIC)
• Conducting IFRS 17 GAP analysis
• Review and Conduct Risk Adjustment and Discounting of Cashflows
under IFRS 17
ü Cashflow preparations
ü Risk Adjustment calculations
ü Discount rate working etc

Qurat holds the position of Assistant Manager at DD Consultancy, a distinguished Actuarial Consulting Firm with a broad clientele
spanning various geographic regions. With over 5 years of invaluable experience, he excels in fostering strong and enduring
relationships with insurance clients based in the UAE and Oman. He effectively communicates valuation results, methodological
assumptions, and recommendations, ensuring that clients receive expert insights. Moreover, his profound understanding of the
regulatory landscape in Gulf countries adds substantial value to his role.
 ACTUARIAL ANALYST
Total Experience: Description

Education: Bachelors in Mathematics (QAU).

Nearly Associate of Institute & Faculty of Actuaries, UK

• Acquiring knowledge of key concepts, terminologies, and reserving methodology.

Regulatory Experience:
• Conduct Reserves Review and Audit for clients in the UAE and KSA.
• Perform Pricing and Pricing Review for Medical and Motor.
• Regulatory Reports like Technical Provision, Underwriting and solvency Reports.
• Risk Management
• Benchmarking on Non-Life Insurance Market report (UAE, Oman, Sri Lanka &
Pakistan).

• Conducting IFRS 17 GAP analysis.

IFRS 17 Experience
• Evaluating and conducting risk adjustment and discounting.
• in accordance with IFRS 17.
• Review and Conduct Risk Adjustment and Discounting of
• Cashflows under IFRS 17.
• Cashflow preparations.
• Risk Adjustment calculations.
• Discount rate working etc.

Uzair holds the position of Senior Actuarial Analyst at DD Consultancy, a distinguished Actuarial Consulting Firm with a broad
clientele spanning various geographic regions. With over 4+ years of invaluable experience, he excels in fostering strong and
enduring relationships with insurance clients based in the UAE and Oman. He effectively communicates valuation results,
methodological assumptions, and recommendations, ensuring that clients receive expert insights. Moreover, his profound
understanding of the regulatory landscape in Gulf countries adds substantial value to his role.
 ACTUARIAL ANALYST
Total Experience: Description

Education: Postgraduate Diploma Actuarial Science, University of Leicester (UK)

Expertise • Data Analytics

• Business Intelligence and Reporting
• Data Visualization
• Statistical Analysis
• Machine Learning
• Predictive Modelling
KAZIM RAJANI • Database Management
ACTUARIAL ANALYST • Project Management
• Actuarial Modelling
• Financial Reporting

Kazim has extensive experience in the Australian and New Zealand markets with his most recent experience within a
government entity in Australia. His expertise extends to areas such as data mining, statistical analysis, and predictive
modelling, allowing him to extract valuable insights from complex datasets. Kazim's proficiency in business intelligence tools,
actuarial modelling techniques, and machine learning implementations empowers him to effectively leverage data for
optimizing processes, mitigating risks, and uncovering growth opportunities. With a keen eye for detail and a strong analytical
mindset, Kazim excels at transforming raw data into meaningful information, enabling stakeholders to make data-driven
decisions with confidence.
 ACTUARIAL ANALYST
Total Experience: Description

Education: Bachelors in Actuarial Science & Risk Management (UOK).

Nearly Associate of Society of Actuaries, USA

Regulatory Experience:

AUN HAIDER
ACTUARIAL ANALYST
IFRS 17 Experience

Aun holds the position of Actuarial Analyst at DD Consultancy, a distinguished Actuarial Consulting Firm with a broad clientele
spanning various geographic regions. With over 3 years of invaluable experience, he Possess a strong foundation in mathematical
reasoning and proficiency in utilizing computational tools. Adept at data extraction, transformation, modeling, and validation
testing
 ACTUARIAL ANALYST

Total Experience: Description

Education: Bachelors in Actuarial Science & Risk Management (UOK).

•Acquiring knowledge of key concepts, terminologies, and reserving methodology

Regulatory Experience: •Conduct Reserves Review and Audit for clients in the UAE and KSA
•Regulatory Reports like Technical Provision, Underwriting and solvency Reports.
• Risk Management

•Evaluating and conducting risk adjustment and discounting in accordance with IFRS 17
IFRS 17 Experience •Review and Conduct Risk Adjustment and Discounting of Cashflows under IFRS 17
•Risk Adjustment calculations
•Discount rate working etc
• Performed quarterly IFRS17 audit review of UAE and KSA client. my responsibilities
include conducting thorough reviews of the disclosures and methodologies, as well
as preparing comprehensive reports for each quarter ended.

Muhammad Mazz holds the position of Actuarial Analyst at DD Consultancy, a distinguished Actuarial Consulting Firm with a
broad clientele spanning various geographic regions. With over 6 years of invaluable experience, he is experienced in Actuarial
valuation, Quarterly IFRS17 audit review, Evaluate stress testing, multiple Big Data Actuarial Valuations to make Financial
Condition Report and analyze Actuarial liabilities, reserving, IBNR, UPR, risk monitoring, gratuity and assisting the Appointed
Actuary of the company in the actuarial valuations and related actuarial work.
 Our Legal & Compliance Expert

An advocate & consultant with experience in MNCs, GLCs and law practice. Areas of corporate
expertise include healthcare, pharmaceuticals, crop science, and law practice expertise spans civil,
corporate, commercial, employment, family and criminal matters.
MALINI KANISAN
LLB (Hons) (Lon), CLP
 Our Legal & Compliance Expert

SHOEB HABIL SAHER
Master of Laws
(University of Birmingham- UK)
Shoeb has in-depth knowledge of UAE laws and regulations with rich indigenous
experience in Commercial Advisory and Corporate matters. Shoeb can effectively
render advice and suggestions to companies on legal issues always in line with their
business requirements. He is highly regarded commercial and corporate lawyer
focused on contracts, M&A’s, joint ventures, employment and governance matters,
having over 18 years of experience, including 13 years in UAE market.
CONTACT US logen.k@bayesactuaries.com

Bayes Actuarial Solutions