Offshore Insurance - Adding Value - Delivering Solutions

• Life assurance start-up, Isle of Man
• Life assurance start-up, Luxembourg
• Life assurance start-up, Dublin IFSC
• Product Rationalisation and Re-design for established offshore insurer
• Technical Training Programme for established offshore insurer
• Personal Bond Administration and Design Requirements

Life assurance start-up, Isle of Man

Lead actuarial consultants to a UK insurance company in connection with the establishment of an Isle of Man life assurance subsidiary, targeting the offshore UK and expatriate markets.  The operation has been very successful, with new premium income of £318m in 2000. On this basis the offshore company is already one third of the size of the UK company, in new business terms.

Boal & Co has provided advice and support over the years, both pre and post-establishment, in areas including:

competitor research and benchmarking product design and profit-testing review of financial plan LifeBase Offshore software.

Life assurance start-up, Luxembourg

Lead consultants to a major insurance group in connection with the establishment of a Luxembourg life assurance subsidiary, targeting the European and offshore UK investment and savings markets under the EC 3^rd Life Directive.  The operation has since been very successful, particularly in the UK and Italian markets, with new premium income of £285m in 1999.

Boal & Co has provided advice and support over the years, both pre and post-establishment, in areas including:

competitor research and benchmarking product design and profit-testing establishment of Italian branch business analysis and operational support, including project management strategic development.

Life assurance start-up, Dublin IFSC

Lead consultants to a leading UK insurance and banking group in connection with the establishment of a Dublin IFSC life assurance subsidiary, targeting the European and offshore UK investment and savings markets under the EC 3^rd Life Directive.  The operation has since been very successful, with new premium income of £275m in 1999.

Boal & Co has provided advice and support over the years, both pre and post-establishment, in areas including:

review of offshore locations and recommendation of Dublin IFSC competitor research and benchmarking product design and profit-testing review of financial plan advice on personal bond administration requirements business analysis and operational support, including project management advice on UK OLAB rules and offshore with-profits LifeBase Offshore software strategic development.

Product Rationalisation and Re-design for established offshore insurer

Actuarial and product development input to a project team responsible for the complete rationalisation and re-design of the product range of an under-performing life assurance company.  The project was an essential part of the successful re-launch of this company, with new business trebling in subsequent years.

Technical Training Programme for established offshore insurer

Analysis of technical (offshore life assurance) training needs - and implementation of a series of technical training courses to meet these needs – for 50 staff of an established offshore insurance company.  As part of this programme, Boal & Co have developed (entirely in-house) a series of interactive Computer Based Training (CBT) courses for use by the insurer’s Personnel department.

Personal Bond Administration and Design Requirements

Analysis of the special design, administration and support requirements for personal portfolio bond business, including evaluation of third-party administration services.