Actuarial team of the Year: PwC
PwC has won actuarial team of the year for its work in helping insurers implement the Long Duration Targeted Improvements (LDTI) accounting standard.
The team has so far completed more than 85 LDTI projects, and has spent over 3,000 hours developing LDTI-focused digital assets such as vendor assessments. PwC also has more than 300 US staff trained with LDTI expertise.
PwC's LDTI offering helps insurers with LDTI implementation in three phases: initial impact assessment (phase 1); implementation (phase 2) and transition (phase 3).
For phase 1, PwC developed a suite of models to estimate the financial impact of LDTI for insurers.
For the implementation phase, the company helped insurers make accounting policy decisions by developing tools so insurers can perform a cost and benefit analysis for each accounting policy decision.
For the third phase, PwC developed a set of tests and success criteria to help insurers independently verify their actuarial models for LDTI reporting.
To better reflect the breadth of its solutions, the firm recently renamed its actuarial services' practice to risk modelling services. This means PwC offers modelling services for areas including corporate risk, climate risk, insurance and trust modelling.
Richard de Haan, global and US risk modelling services leader at PwC, says: "The expansion into broader risk modelling services is being enabled by complementing our actuaries with data and climate scientists, financial and geospatial engineers. Over the next year, we will continue to build out our five main solution areas as we deliver innovative services to clients across multiple industries."