A large bank insurer with several pension portfolios wanted to calculate compensation amounts at the policy level and communicate these to the policyholders. RiskCo was asked to structure and execute this project.
RiskCo formed a team of modellers, IT specialists and project managers that worked together with the insurer’s Actuarial Knowledge team. After modelling the portfolio, calculations to maturity were made. The model was then expanded with the standard cost structure. With this model, the compensation amounts could be distilled.
Parallel to modelling the pension portfolio, RiskCo helped with the audit trail. To ensure that all calculations were correct, RiskCo supervised/monitored the plausibility tests. During the project, some of the client’s employees were trained to work with ProductXpress and the relevant RiskCo tooling, after which they were able to take part in the project team.
The project was finished within the agreed upon time. Thanks to RiskCo’s calculations, the bank insurer was able to inform all policyholders of their compensation amounts.