ACTOMATE
INDEPENDENT ACTUARIAL REVIEW SERVICES (MALAYSIA)
Malaysia insurers and takaful operators are required to maintain robust governance, valuation and capital management frameworks under Bank Negara Malaysia's regulatory requirements. Actomate provides independent actuarial review services to help insurers demonstrate compliance, strengthen governance processes and provide assurance to Boards, management and regulators. Our experienced actuarial team performs objective and independent assessments across valuation, participating business governance and capital adequacy frameworks.
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valuation and capital review
Independent review of insurance liability valuations, actuarial methodologies and capital adequacy frameworks to support compliance with regulatory requirements.
Our review covers:
Valuation methodology and assumptions
Data quality and governance controls
Accuracy and completeness of liability calculations
Independent verification of valuation approaches
Review of actuarial models and documentation
Prescribed Capital Amount (PCA) calculations
Capital modelling methodologies and monitoring processes
Assumptions and calculation approaches
Regulatory compliance assessments
Independent validation of capital frameworks
participating business review
Independent actuarial review of participating fund governance and management, with actuarial support for Boards and Participating Business Committees to promote fair policyholder outcomes and regulatory compliance. Our review includes:
Identification of assets and liabilities attributable to each participating fund
Assessment of opening fund balances
Review of expense allocation methodologies
Review of surplus and profit distribution policies
Independent verification of calculation approaches
Assessment of governance and oversight arrangements
Objective actuarial advice to Boards and Participating Business Committees
Evaluation of policyholder and shareholder interests
Assessment of compliance with applicable governance requirements
ORSA review
Independent review of the Own Risk and Solvency Assessment (ORSA) process to assess the effectiveness of the Enterprise Risk Management (ERM) framework. Our review covers:
ORSA governance and oversight
Risk appetite framework and implementation
Risk identification, assessment and monitoring processes
Stress testing and scenario analysis, including validation of assumptions, data and model performance
Independent validation of stress and scenario testing methodology and calculations
Recommendations to strengthen the ORSA and ERM framework
WHY CHOOSE US
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Actomate is a leading actuarial and technology firm in Asia since 2015. Our value proposition is to make our clients more successful by delivering high quality work in the areas of analytics, modelling, pricing, reporting and strategy.
We provide consulting, outsourcing, resourcing, training and technology solutions to our clients in a professioanl, practical and cost effective manner.
Actomate is the only actuarial firm in Asia with both the Quality Assurance Scheme (QAS) accreditation from the Institute and Faculty of Actuaries (IFoA) UK and ISO 9001 Quality Management Systems accreditation, a strong testimony to our high-quality work and commitment to high standards.
Actomate has received many awards and accreditations, including Top Actuarial Firm in Asia and SME100 Awards from Small and Medium Enterprises Association of Malaysia (SAMENTA).
We have very strong and competent team of actuarial consultants, with experience across all functions in insurance including general management, marketing, risk management, internal audit, internal controls and governance, corporate finance, actuarial, employee benefits, product pricing and strategy.
Speak to Our Specialists
Whether you require an independent valuation review, participating life business or capital adequacy assessment, our actuarial specialists can help you meet regulatory expectations and strengthen governance practices.Contact us to discuss your requirements.
RESOURCES
Our reviews are aligned with key Malaysia regulatory requirements, including:
Guidelines on Valuation Basis for Liabilities of General Takaful Business
Guidelines on Valuation Basis for Liabilities of Family Takaful Business
Management of Participating Life Business
CP - ICAAP Guidelines for Insurers
PRACTICE LEADER
Jessie Leong
AIA C. Act
Reporting Lead
Jessie is an Associate Actuary and she is the Reporting Lead at Actomate. Jessie has over 5 years of experience in actuarial work, and has led various actuarial valuation projects across Malaysia, Cambodia, Laos, and Papua New Guinea.
Jessie is well-versed in local regulatory requirements and oversees all internal regular statutory and financial reporting, ensuring compliance with regulations and adherence to submission deadlines. Jessie is also heavily involved in IFRS 17 implementation projects for general and captive insurance companies. Apart from that, Jessie has contributed to the review and development of in-house IFRS 17 software, the PAA Robot. Jessie is proficient in Excel and Data3Sixty.
Jessie has worked with a diverse range of clients, including family takaful, general insurance, general takaful, captive insurance, reinsurance, and funeral service companies. Her expertise covers actuarial valuation, financial reporting, reinsurance optimization, capital modeling, and product pricing. Jessie also has experience assisting audit firms with actuarial-related audit work.
Jessie graduated with First-Class Honours in BSc (Hons) Actuarial Science from Heriot-Watt University, Malaysia. Jessie is currently studying towards attaining Fellowship of the Institute and Faculty of Actuaries (UK). Jessie is keen on exploring and applying her actuarial knowledge in both traditional and non-traditional areas of actuarial work.