Personal Actuarial Consultation

Service Description

Traditionally, actuaries are hired by businesses such as insurance companies and other large corporations to support business objectives. Increasingly, actuaries are being engaged by individual clients to help them in various individual specific needs that requires actuarial expertise. A personal actuary works on behalf of specific individuals and therefore has their personal best interests in mind. A personal actuary helps individual in personal risk management and personal financial planning. The scope of work is highly customised depending on individual requirements. Examples include reviewing insurance needs, insurance claims, career planning, family planning, retirement planning, estate planning, tax planning, investment planning, risk appetite, family governance, financial controlling matters and such. In most of these areas, individuals are expected to engage with the primary relevant experts in these fields such as lawyer, accountants, financial planners, investment managers etc. The personal actuary does not replace these experts but instead looks into all these matters from an actuarial angle and supplement with specific knowledge in long-term risks and uncertainties.