A competitive advantage

Given the level of skills required, the drive for greater cost efficiencies and a need for detachment or independence, actuarial services is an obvious area to consider for outsourcing.

IAC’s core team carries a diverse range of skills, including local and international expertise, and is an established outsourced partner for actuarial and investment services. For example, we have managed outsourced pensions actuarial work from the United Kingdom since 2001. The experience gained from our exposure to the UK pensions industry has been valuable not only for IAC as a company but our clients as well – the UK industry is fiercely competitive with service providers competing not only on service levels but value as well, including pricing.

Outsourcing actuarial services to an independent South African organisation such as IAC, can give you a cost advantage. Indeed, should your competitors also be outsourcing, you may well need to consider outsourcing of actuarial services in order to remain competitive.

The outsourcing of actuarial services can offer the following advantages:

– Focus management on core activity
– Streamlined organisation (less administration time and costs, also fewer employees)
– Achieve greater economies of scale, which translates into:

1. Lower costs
2. Improved service
3. Reduced risks

Generally, this contributes towards a more effective and cost efficient business.

IAC’s outsourced actuarial service includes:

– Actuarial valuation of pension funds
– Costing of benefits changes
– Individual calculations for members
– Individual calculations and reports for divorce and compensation claims
– Any other actuarial services that can be effectively outsourced