How to Hire from Various actuarial consulting firms?

Actuarial consulting firms are specialists in predicting the future events in finance sector of a country. They help in reducing the impact of unwanted future events and at the same time help companies and individuals to plan well in advance for the future events.

•    It is highly essential to estimate what kind of actuarial valuation services you are looking forward to. This will help you understand different kinds of services actuarial consulting firms offer and which one is going to work the best for you.

•    If you are dealing in insurance sector, you must look for actuarial firms which offer relevant services. This may include underwriting and risk involved for potential clients. Reducing the impact and predicting the impact of new legislations on insurance sector will help you in procuring better clients.

•    The consultants are also ideal for businesses to ensure the best pension plans for their employees. These plans aim at funding individuals in the company even after retirement.

•    Location of your actuarial consultant is another major concern when it comes to choosing from wide range of actuarial consulting firms. Some of you may be comfortable communicating through email or Skype and location may not be a big concern, however, some may feel the need hire them in proximity.

•    Each organization has its own repute for providing services. You can consult these organizations and ask for ideal actuarial consultant who has worked closely and efficiently well for them.

An ideal actuarial consultant is the one who helps his clients to save money in the best possible manner, helps in avoiding risks from future market scenarios and at the same time suggest ideal solutions for the employees of your organization as well.

How To Gradually Build A Nest Egg?

How To Gradually Build A Nest Egg from KPAC

Actuarial Valuation of Leave Encashment

Gratuity valuation for a security and sanctity of employer-employee relation

 

What is gratuity?

An end-of-contract gratuity is a certain sum of money put aside by the employer to be paid at the end of employment period. A Gratuity is a lump sum payment that is essentially payable by the employer and acts as a financial security and buffer at the time of employee’s retirement.

Present perfect

Employers have to build a corpus so that payments accruing in the future can be paid easily without causing an unnecessary burden on the financial resources. Finances have to managed from the present day itself so that the future can be planned intelligently. A company is required to not only calculate future exigencies but also to put apart a sum and invest it properly so that the entitlements can be paid off easily. This calls for proper management of finances and the unpredictable future.

A Practicing actuary is able to help a company manage the payables arising in the future through planning and management. Actuaries help calculate  the present value of due payments and manage the uncertainties arising in the path of building a comfortable corpus.

Future Planning  

Gratuity, leave encashment, pension funding and other compensations payable across the spectrum of employee’s lifetime of employment and beyond are a necessity that has to be fulfilled by the employer. The law requires the company to set aside funds so that an employee can attend to his personal and family needs arising in the future. Gratuity valuation helps companies cover volatile circumstances with planned investments so that employees can be paid their due recompense.

Employee Benefits Actuarial Valuation

Benefits of KP Actuaries and Consultants

Actuarial Valuation

Founder as well as consulting actuary of KPAC, Khushwant Pahwa is a qualified actuary practising for years and is also the appointed actuary working with Iffco-Tokio General Insurance Company. KPAC are your actuarial consultants who can help in various areas where actuaries are required and actuarial valuation is one amongst them. KPAC helps in performing the valuations of actuarial according to Accounting Standard 15 (AS 15) and US GAAP along with several International Accounting Standards. PAC can help you with the following with respect to actuarial valuation: 

1. Calculate Balance Sheet Liabilities 
2. Calculate expenses in order to get recorded in Profit & Loss account 3. Support in determining assumptions (supported by our research of the companies listed with us) 
4. Checking the data thoroughly (offering a data quality report) 
5. Ensure strict delivery Turn Around Time(TATs) 
6. Provide valuation results as per employees (closing liability) 
7. Assist in midyear valuation if there is major fluctuations in the rate of discounts 
8. Engage in qualitative discussions with your auditors if required

Apart from this, our team can assist you to: 

• Design employee benefit schemes like structuring as well as restructuring of employee benefit schemes keeping in mind the ambit of local markets, legal restrictions and tax deductions. 

• Developing the strategies for investment and funding i.e. understanding as well as measuring the key risk drivers along with their impact on scheme funding and mange the interaction from funding to investment strategies.