We at JMD Consulting provide a wide range of end-to-end services, among them management consulting, actuarial services, product development as well as marketing and sales activities. We are well known for providing tailor-made solutions for our clients at affordable prices, particularly for medium and small insurance companies. Our clients are mainly satisfied, because we embed in our solutions expertise and experience in the insurance industry. We strongly believe that experience in combination with new technologies and ideas are key to providing our clients with unmatched service. Below, you can find out more about the services we can deliver.
Business strategy
The insurance industry is changing rapidly. Challenges that the industry faces include tons of new industry regulation, InsuTech orientation, changing customer behavior, needs and demands, vanishing classic distribution channels and new innovative competitors. JMD can help you quickly and decisively respond to new opportunities and challenges by advising you on new strategic orientation which will cope with those challenges.
Software Solutions
JMD provides software solutions for different actuarial and underwriting challenges, especially designed for medium and small insurance companies. We have developed a Solvency II tool, SCR Calc, to assist in the calculation of SCR, TP, embedded guarantees, profit testing and planning for the life and health LOB. Another tool, EB | Calc, aims to support employee benefits calculation. An underwriting tool, ProS, is a pricing tool for group disability and life contracts.
IDD Implementations
From 23.2.2018 onward, insurance companies should be in compliance with the new IDD directive. This will dramatically change how insurance companies conduct business regarding market sales and product development. JMD can assist with KID generation for unit linked and endowment policies, implementing POG, IPID and appropriateness as well as suitability tests.
Product development
Product portfolios tell us a lot about who we are, whether we are client-oriented or not. That is why it is important that companies’ product strategy is in line with recent development in the insurance industry. JMD has long-term experience delivering innovative life and health insurance products, including direct marketing products. In this respect, JMD can help you achieve higher recognition on the market.
Solvency II Support
Solvency II has occupied the insurance industry in recent years as the major project, but being in compliance with the First Pillar of the Solvency II regime is just the beginning of a long journey for insurance companies. Capital management, risk appetite and ORSA will be the main focus of the industry in the coming years. JMD can help companies optimise their capital structure in the eyes of Solvency II.
IFRS 17 Insurance Contract
Under the IFRS 17 insurance model, insurance contract liabilities are calculated as the actuarial present value of future insurance cash flows, by way of using the discount rate, which reflects current interest rates. This represents a major shift from current major accounting standards for insurance companies. JMD can help you deliver compliance with IFRS 17 on time, which means no later than 1 January 2021.
Mergers and acquisitions
Recently, we can monitor increasing demand on M&A activities on the insurance market. JMD can support these activities either by providing evaluation of target companies, embedded value estimation, market surveys and finding appropriate targets. We can provide a risk and insurance due diligence exercise on target acquisitions.
Actuarial services
We provide the following actuarial services: outsourced actuarial function, actuarial valuations and projections, mortality investigation, second opinion actuarial review, pricing, employee benefits valuation, embedded value calculation, capital projections, ORSA calculations, actuarial training etc.
