Banking Service Offering

End-to-end banking services including software solutions team

VIRTUAL ACTUARY BANKING SERVICES

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

Virtual Actuary is an established and growing, level 2 BEE, actuarial services and software development business in South Africa, with a strong global footprint. Our services focused on the insurance market over the first 4 years of the business. While we took on projects in the banking space due to client demand, we have not actively marketed such services to date. Virtual Actuary has strong knowledge and experience in the banking sector available in-house. We are now officially launching and marketing our banking services in the market.

Virtual Actuary was founded by an ex-recruiter of actuaries and individuals that held management positions at the big-4 consulting firms in the past. Starting from a clean slate, we engineered our business with superior incentives, motivation and productivity of our staff. This ultimately resulted in revolutionary value creation for our clients. This is evident in us scaling to servicing ~100 clients with ~65 actuarial, software and banking consultants in-house and currently at ~R80m in revenue per annum over a period of 4.5 years. The fees for our services are at approximately half the rates of the market due to the design of our business and lower margins in our fees. We are proud to say that our customer references and satisfaction is excellent.

We have prepared a short slide deck to introduce you to our business and some of our people. We would love to talk to you about your business and how we can support you in the execution of your vision.

Hands-On Banking

How we can support you on your journey

Virtual Actuary brings hands-on banking experience to the table.

We are comfortable to engage with you around anything actuarial, finance and technology related in the banking space.

Our engagement approach can be flexible and is structured according to client preference and efficiency.

 

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

 

EXAMPLES OF BANKING PROJECTS

As we roll out our banking services to the market, we look forward to expanding the banking services on our Company CV.

Below are examples of projects performed on client demand. Virtual Actuary’s staff have significant experience in the banking sector, prior to joining Virtual Actuary, including a vast network of actuaries to recruit from to match capacity to client demand.

  • Training around any banking concept
  • End-to-end implementation of credit impairment models
  • Auditing of IFRS9 impairment models
  • Development of bespoke IFRS9 software solutions
  • Development and calibration of credit origination scorecards
  • Development, automation and monitoring of propensity models
  • Customer value enhancement and retention strategies
  • Customer profitability modelling
  • Development of behavioural scorecards
  • Constructing and implementing of credit portfolio management strategies
  • Constructing risk rating models and collection strategies
  • Fraud assessment and prediction
  • Financial modelling and forecasting
  • Construct and automate regulatory reporting
  • Process automation and modernisation

WE ARE WELL QUALIFIED

Our team has a rich background in banking products and pricing, banking process, data analyses, provision and capital modelling as well as the skills to transform the actuarial role into the strategic advantage

  • Flexible capacity means you can rely on the team to be there when needed
  • Virtual Actuary prides itself on always putting the client first in whatever we do
  • Our team is proficient in multiple coding languages including SAS, SQL, Python, R and VBA
  • We have built bespoke data process solutions to improve the way in which data is obtained from business up to the point that it is used for calculations
  • Our skill set allows us to automate processes and improve efficiency

 

BUSINESS MODELLING SOFTWARE

Key Features

 

The software is simple and efficient

It delivers effective implementations…through utilising all available digital tools

  • One-click installations without admin-level IT
  • Easy to map input data from SAS, SQL or Excel
  • Low cost with minimal dependence on consultants
  • Integrated output and auditable calculation trail
  • Multiple scenario runs and impact assessments
  • Fully automated calculation engine
  • In-house teams can run software and analyse results
  • Business process validation as high priority
  • Can deal with big datasets and intricate relationships
  • Highly reusable and compatible with all BI platforms

 

Co-founded by top actuarial recruiter with vast global network

A global network of actuaries allows scaling capacity according to growing client base and demand

Low fixed costs, rewards geared towards actuaries

Attraction of top actuarial talent, all actuaries being invested in their clients and projects, revolutionary
value-add for clients

Working environment engineered for productivity and innovation

Leveraging technology and cutting out unnecessary red-tape allows actuarial productivity to flourish

Powerful in-house software development teams

For sale as SAAS, but also developed and designed to empower the Virtual Actuaries

Revolutionary Business Model

Offering exceptional value to clients

Virtual Actuary was launched in 2017 and has grown to ~65 staff headcount and having serviced more than 100 separate clients (locally and internationally) over the last 4,5 years.

Our exceptional growth is a testament to the success of our business model and our ability to deliver quality services to our clients.

Along with our digital nature, central to the success of our business too is our relentless and uncompromising focus on delivering exceptional value to our clients and staff.