Banking Service Offering

General Insurance

Welcome to Virtual ACTUARY

The hi-tech approach

Virtual Actuary is a firm of highly experienced actuaries ready to work along side your existing team, in any of your insurance, banking or investments projects.

ABOUT

New Tech and a revolutionary method

New technology enables actuaries to perform their services independently and offsite. With clients under pressure to reduce costs, leading to reduced actuarial departments. Global shortage of actuaries means a new Virtual workforce of actuaries is the future of work.

Plan

Pre-emptive

We believe that one can pre-empt
a future outcome by utilising
a system of proven techniques
and a team of experts who specialise
in the science of uncertainty.

CALCULATE

Precise

We exact, accurate, correct,
error-free, specific, detailed,
unambiguous, definitive, particular,
rigorous, strict, and methodical.
Actuarial science is any and
all of the above.

SOLVE

Practical

We aim to provide realistic solutions
to complex problems with a long
term forward look.

IRFS17 EXPLORED

IFRS17 Services

Click on one of the sections to read more.

IFRS17 policy and methodology
  • We can provide a list of IFRS17 policy and methodology choices that you have to make
  • Drafting of P&M papers
  • P&M investigations and Impact assessment of various P&M choices
IFRS17 architectural design and business requirements
  • Identifying new components required
  • Identifying existing components that can be leveraged
  • Drafting a target operating model under the new IFRS17 environment
IFRS17 vendor assessments
  • Assisting with drafting requests for proposals to IFRS17 vendors
  • Summarising the architectural components offered by various vendors from vendor proposals
  • Proposing combinations of components from various vendors that will fill the gaps in your current systems architecture
IFRS17 vendor implementation (configuration and validation)
  • Assisting with understanding data input requirements
  • Assisting with the initial transformation of data to vendor input requirements
  • Assisting with configuration of the system
  • Drafting testing strategies for user acceptance testing
  • Hands-on help with automating the functional testing process
IFRS17 data transformations & ETL automation
  • Building robust data staging platforms
  • Assisting with establishing the logic required to transform company data to vendor specific input formats
  • Automating data transformations with the latest software on the market
IFRS17 CSM prototype model builds
  • We offer ready to use CSM prototype models
  • We can also assist with building CSM prototype models
  • We can assist with leveraging current models you have internally to develop your own CSM prototype models
IFRS17 transition software (to automate transition calculations)
  • Assistance with developing a transition strategy
  • Assistance with managing the data required for transition calculations
  • We provide ready to use software which can automate the IFRS17 roll-forward calculations from inception to transition date

Blog 

IFRS17 News

Here you can discover our own in-house expert articles.

Affinity Initiative partners with Virtual Actuary

Affinity Initiative partners with Virtual Actuary

Affinity Initiative and Virtual Actuary have announced that their partnership will bring a host of Actuarial services and capabilities to market. This partnership will allow Affinity Initiative to support the senior team at Virtual Actuary as they come to market in and around the London Re/Insurance activity. Affinity Initiative will be able to facilitate all arrangements with prospective clients and help both parties undertake the required due diligence and procurement processes. The proposal now in place is relevant and beneficial to businesses and Actuarial teams across the market, be they Brokers, Carriers, MGA’s or other participants. “We are very excited to partner with Virtual Actuary, a company with vast experience in this space. With this announcement we are continuing to...

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Services

Our comprehensive services are at your disposal.

IFRS17

IFRS17 Policy & methodology, architectural design & business requirements, vendor assessments, vendor implementation (configuration & validation), data transformations & ETL automation, CSM prototype model builds & transition software (to automate transition calculations).

Non-life General Insurance

Reserving, Capital modelling, Pricing, Risk management and Solvency II’ We provide a full and comprehensive service offering covering among other things.

Investments

We have access to a variety of top actuarial investment experts and juniors, and projects we have been involved in have been far from standard.

Life Insurance

Individual and Group Life.
We provide a full and comprehensive service offering.

Wider Fields, Telco AND Advanced Analytics

At Virtual Actuary, our advanced data analytics team takes your data security extremely seriously. We use end to end encryption, secure and POPIA-compliant storage facilities.

Healthcare

Estimation of IBNR (Incurred but not reported) Claim Liabilities, loss ratio and claims utilisation studies, reserving and modelling.

End-to-end banking services

Banking Service Offering

VIRTUAL ACTUARY BANKING SERVICES

Virtual Actuary is excited to share our banking service offering with you.

Banking Services
We cover the main areas relevant to the banking industry

Credit Originations

Build credit origination models to assess whether your current or prospective customers are within your risk appetite
Perform automated affordability assessments on your prospective customers

Risk Based Pricing

Construct pricing models based on the risks inherent to your current and prospective customers
Know your competitors to ensure your offering remains competitive

Customer Value Management

Build propensity models which efficiently gathers relevant customer data in order to understand your customers preferences
Make use of these models to determine which products and offerings would add the most value to your customers

Credit Portfolio Management

Construct scorecards to continuously evaluate the quality of the credit book

Make use of these scorecards to identify:

  • Customers with an increase in risk
  • Concentration risk
  • Industry risk

Develop strategies to mitigate possible losses in your portfolio

Collections

Develop the handshake between your portfolio management strategies and collections division
Construct risk rating models to assess the probability of default of your customers
Make use of risk rating models to develop collection strategies for each risk cohort

Credit Impairment Models

Develop, review or improve your credit impairment models namely PD, EAD, LGD, FLI and ECL
Make use of Virtual Actuary’s IFRS9 experts to provide advice and guidance

 

TEAM

Meet Our Experts

Our team of experts offers a comprehensive range of actuarial services founded on a depth of experience acquired locally and globally.

Johan Vrolijk

Johan Vrolijk

Group Chairman

“It is the principles and culture of our business that drives exceptional value creation for our clients.”

Nimitha Bhoora

Nimitha Bhoora

Product and Pricing - Manager

“Let’s get those product ideas to market.”

Timothy-John Daniel

Timothy-John Daniel

Banking and Life – Manager

“Being an actuary is a privilege. I want to make a difference in the lives of South Africans.”

Leon Fourie

Leon Fourie

Chief Actuary

“We are building the business of the future”

Andre Erasmus

Andre Erasmus

IFRS17 Implementation

“Passionate about IFRS17 and getting you over the line before 2023!”

Rob Baker

Rob Baker

Overseeing InvestmentTeam

“A seasoned Investment professional who enjoys the challenge in everything he does.”

Jessica Blignaut

Jessica Blignaut

Quants and Risk Analyst

“Each assignment will impact so many people’s lives, how amazing is that!”

Adi Kaimowitz

Adi Kaimowitz

Group Co-CEO

“If you look closely, you will realise those big companies are run by ordinary people doing extraordinary things

Karli Leonard

Karli Leonard

Manager - Quantitative Analyst

“Applying mathematical and statistical methods to financial and risk management problems!”

In the News

Here are some stories featuring Virtual Actuary in the news.

Affinity Initiative partners with Virtual Actuary

Affinity Initiative and Virtual Actuary have announced that their partnership will bring a host of Actuarial services and capabilities to market. This partnership will allow Affinity Initiative to support the senior team at Virtual Actuary as they come to market in...

Men’s Health 5 Quick Tips For A Successful Business From CEO Adi Kaimowitz

With lockdown changing the way we work, and many starting new ventures, we sought Adi's advice. Adi Kaimowitz has been through it all. As founder and CEO of Virtual Actuary, he knows the trials and tribulations of starting a business and a successful one at that....

Meet the Marketeers chats about New Age Marketing Strategies with Adi Kaimowitz

On this episode of the Meet the Marketeers podcast, we chat about New Age Marketing Strategies with Adi Kaimowitz from Virtual Actuary - plus news and insight from the only marketing podcast on the internet.  The News 2:50 - The wrong and the real of marketing...

Going digital and understanding technologies with Adi Kaimowitz

Ralf Fletcher, CEO of Topco Media speaks to National Business Award finalist for Entrepreneur of the Year, Adi Kaimowitz – CEO and founder of Virtual Actuary. In this week’s Business Unusual podcast, Ralf Fletcher, CEO of Topco Media, speaks to Adi about digitising...

#LockdownLessons: Virtual Actuary

#LockdownLessons explores the impact of the Covid-19 pandemic on businesses, how they prepared for lockdown and its impacts on operations and employees, as well as lessons, learned that we can take into the post-Covid-19 era. Virtual Actuary is a team of experts...

Ensure 24 months runway if you want to raise VC funding now, says venture capitalist

Startups that are not venture capital (VC) funded and are looking to get VC funding, should have a minimum of 24-months worth of cash in the bank or secured revenue, in order to close investment, says Kalon Venture Partners CEO Clive Butkow. Talking in a Zoom video...

BizNews Article March 2019

Eyeing a US expansion, Adi Kaimowitz’s Virtual Actuary takes off 8th March 2019 by Gareth van Zyl JOHANNESBURG — In a previous podcast with BizNews in 2018, Cape Town-based Adi Kaimowitz told us all about his interesting startup...

VentureBurn.com Article Jan 2019

SA startup Virtual Actuary may consider ‘combo valuation’ with US partner Six months after turning down an investment offer from a major SA insurance company, SA startup Virtual Actuary is in the US for talks with venture capitalists — including some who are keen to...

Hartford Insurtech January 2019 Talk

Hartford Insurtech January 2019 Talk - Hartford Connecticut USA Virtual Actuary invited to speak in the United States of America about disruption in the actuarial world.

Business Spotlight: Virtual Actuary – Shaking up the Actuary industry worldwide

Welcome to the first episode of business spotlight, where I will be chatting to interesting people about their businesses. What a better way to start this series than by chatting to a good friend of mine that has shaken up the Actuary industry worldwide! I first met...

Sramana Mitra’s 1Mby1M Roundtable with Adi Kaimowitz from Virtual Actuary

Sramana has been named LinkedIn’s #10 Top Influencer. Here she discusses Virtual Actuary at her virtual round table episode 421.

YourBusiness Magazine Article October 2018

Virtual Actuary uses SMART TECH solutions HERE'S HOW I DID IT ADI KAIMOWITZ, co-founder of Virtual Actuary, spends more time out of the office than in it. Here he shares the tools that allow him to do this and still run a growing business. Which key tech tools allow...

MoneyWeb.co.za Article August 2018

Local start-up promises actuaries on demand Tech-driven business promises low fees and more pay for actuaries.  From on-demand ride hailing to meals on wheels platforms, consumer convenience has driven advances in technology and its applications. Similarly, local...

Fast Company Magazine Article July 2018

The importance of technological innovation in the actuarial industry The Fourth Industrial Revolution brought about by Artificial Intelligence has caused a tidal wave of possible change in the actuarial profession. Their success will depend on how they adapt to future...

VentureBurn.Com Article July 2018

SA entrepreneurs detail the software they use to run their tech start up Jira, Google Suite for Business, Ruby on Rails and fathomhq. These are just some of the software programs that SA tech entrepreneurs are using to set up their startup. Ventureburn spoke to...

Disrupt-Africa.com Article July 2018

How SA’s Virtual Actuary is disrupting a long-stagnant market By Tom Jackson on June 20, 2018 Adi Kaimowitz knows a thing or two about the actuarial space, having run a recruitment business in the sector and worked with actuaries for years. What we saw concerned him....

VentureBurn.com article July 2018

SA web platform Virtual Actuary turns down bid from major insurance firm Things are hotting up for SA web platform Virtual Actuary, which allows actuaries to collaborate on projects without the need for expensive offices. The startup last week turned down an...

YourBusiness Magazine Article June 2018

Ask The Experts Growing a business takes time and resources; time and resources you may not feel you have. When you start feeling this tension, it might be time to consider getting some help... For entrepreneurs, time is almost as valuable as money, as both a...

Finweek Magazine Article May 2018

Actuarial Consulting Gets a Makeover After working as an actuarial recruiter for more than eight years, Adi Kaimowitz wanted to do something with the network of actuaries that he'd built up. He considered four business models, until he finally came up with one that...

Biznews.com Article May 2018

Shaking up the actuarial industry: Backstory of Adi Kaimowitz’s ‘Virtual Actuary’ 22nd May 2018 by Gareth van Zyl JOHANNESBURG — With a background in sales and marketing, and after having made connections with several actuaries over the years, Cape Town-based Adi...

Financial Mail Magazine Article March 2018

Another way to do it It takes courage and self-belief to list on the JSE in budget week. But the Core Shares Global Dividend Aristocrats is no "me- too" fund. This exchange-traded fund (ETF) gives investors and their advisers the chance to take a different approach...

VIDEOS

Virtual Actuary video and social media.

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Phone

+27 (0) 83 570 2272

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