NetActuary has a conscious business policy of using IT skills and process to drive client costs down. This works very well in a volume environment of retail scaled retirement advice and legal support calculations. However, for large clients, each service tends to be bespoke. Consequently, below is an option which a potential NetActuary corporate client can consider to drive the costs of an exercise down.
Australia has a high labour cost base. We are only too aware of (regrettably) how many of our manufacturing jobs are moving offshore. Less discussed is how this is able to manifest itself also in financial industries. Actuarial skills travel well. The fundamental actuarial principles remain applicable across boundaries. In order to offer large clients with a large project the inclusion of an offshore component to the team, we examined all possible solutions around the world. It was important to NetActuary that we had total confidence in:
Their experience in actuarial services;
A sound commitment to quality;
Significant price/financial benefits; and
Consequently, we are delighted to announce we have formed an association with Niel Fourie and his team at ZAQ in Cape Town. Niel is a Fellow of both the South African and UK Actuaries Institutes. He is also a Chartered Enterprise Risk Actuary. ZAQ have operations in both South Africa and Namibia. Many of the tasks which they undertake are based on international accounting standards largely replicated in Australian requirements.
There are many advantages to considering incorporating some overseas processing in experience analysis, data preparation for valuation, employee benefits liability quantification etc. There are 10 South African Rands to 1 Australian Dollar. We can have a team working on a time urgent task virtually 24 hours a day!
Some actuarial firms are considering offshore actuarial support. NetActuary has gone live with this option and we would be delighted to discuss with you how it can be used to your organisation’s advantage.
The NetActuary Team