ACTOMATE
LIC ROBOT
LIC Robot is an IFRS 17 robot that helps insurers analyse data and generate reports for Liability for Incurred Claims (LIC), in line with IFRS 17 requirements. It streamlines LIC financial reporting by automating the workflow from input upload and actuarial analysis to LIC account, journal posting, trial balance, chart of accounts, and underwriting statement outputs. Users can upload the required CSV input files, select key setup fields such as company name, tranche type, and reporting currency, run calculations, and download results in structured formats. The app organises LIC reporting outputs by portfolio, class, and subclass, with views in both the functional and reporting currencies. By reducing manual spreadsheet work and showing the calculation flow in a controlled interface, the robot helps actuarial, finance, and reporting teams improve accuracy, consistency, and reviewability. LIC Robot streamlines IFRS 17 reporting processes and helps insurers meet tight reporting timelines more efficiently.
For more information on the LIC Robot App, click HERE
IFRS 17 LIC reporting
-
gratuity benefits
-
end of service benefits
-
pension benefits
-
retirement benefits
-
annuity
-
long service benefits
-
death & disability benefits
-
withdrawal benefits
-
ill-health early retirement benefits
-
post retirement medical benefits
-
flexible benefits
-
salary planning
-
scheme eligibility design
-
sustainability analysis
actuarial analysis
-
Processes uploaded input files and displays relevant calculation steps before generating LIC accounts.
-
Supports actuarial analysis using exposure and claims data, discount rates, opening balances, manual adjustments, and mapping files.
-
Helps improve consistency and traceability in IFRS 17 LIC calculations.
accounting outputs
-
Generates LIC accounts, journal postings, trial balances, chart of accounts, and underwriting statements.
-
Provides downloadable results by portfolio, class, sub-class, and total company.
-
Supports both functional currency and reporting currency outputs.
Who Can Use It
-
gratuity benefits
-
end of service benefits
-
pension benefits
-
retirement benefits
-
annuity
-
long service benefits
-
death & disability benefits
-
withdrawal benefits
-
ill-health early retirement benefits
-
post retirement medical benefits
-
flexible benefits
-
salary planning
-
scheme eligibility design
-
sustainability analysis
PRACTICE LEADER
Nicholas founded Actomate in 2015, a leading actuarial firm in Asia. He is an actuary with exceptional business acumen and a global perspective. His clients and his organization benefit from his strong grasp of the strategic, operational, governance, and risk management aspects of the business.
Nicholas has developed various technologies and software applications, including IBNR Robot, ReACC Robot, PET Robot, LRC Robot, LIC Robot, PAA Robot, and Sallesillus Robot. Nicholas also has significant experience in captive insurance, offshore insurance, robotic process automation, artificial intelligence, and data analytics.
Nicholas has 20 years of experience in actuarial work, including life insurance, family takaful, general insurance, general takaful, employee benefits, pensions, social security, medical insurance, reinsurance, and Insurtech startups. Nicholas held appointed actuary and signing actuary roles in various jurisdictions across Asia.
Nicholas is a Fellow of the Institute and Faculty of Actuaries (UK) and a Fellow of the Society of Actuaries (US). He is a past Council Member of the Society of Actuaries’ Entrepreneurial & Innovation Section. He is also a past Chairperson of the Professional Development Committee and Events Committee of the Actuarial Society of Malaysia. Nicholas graduated from Bayes Business School with First Class Honours in BSc Actuarial Science. He is also a Certified Internal Auditor from The Institute of Internal Auditors.