Insurance & Actuarial Consulting
Insurance & Actuarial Consulting
Through the thorough use of statistics and large data sets, we will advise you on investments and pension-related concerns that you have. Our actuarial consultants have in-depth industry knowledge and know-how in suggesting you the best way to maximize returns and savings.
Who We Serve
We provide actuarial support to insurance companies, reinsurers, governments, government agencies, insurance regulators, auditors, public policy agencies, and others seeking to enter the insurance industry.
Product Development & Management
GFRAM can help insurance companies and reinsurers to develop and launch new insurance products, whether aimed at entering new markets or making changes to existing products. We will be with you at every stage of the process, from idea generation through to product launch and continuing with your regulatory filings and interactions. We usually begin by taking the time to understand your goals, priorities, and constraints before embarking on helping you to develop the appropriate product. We are also available to help governments, government agencies, and insurance regulators to develop effective regulations for the insurance industry as well as to participate in the review of the subsequent regulatory filings.
GFRAM consultants
Have diverse backgrounds spanning the breadth of the life, health and general insurance industry. Collectively our consultants bring decades of local and international experience in product development, pricing, inforce management and reinsurance. Working closely with our research, data analytics and ERM teams our product development team strive to deliver holistic solutions that are timely and impactful in a cost-effective and timely manner.
Products And Services Aligned With Our Expertise:
Financial & Regulatory Reporting
We can advise insurance companies, reinsurers, regulators, and auditors on all or selected aspects of the financial and regulatory reporting process. As your Appointed Actuaries, we will conduct a valuation of your liabilities in accordance with the applicable regulatory standards, and work with your asset managers or investment team to determine the appropriate asset values. All reports will be prepared in the required format. Follow-up meeting(s) are typically held to discuss the financial implications of the valuation process and to consider next steps. We use state of the art Actuarial systems that are used by hundreds of companies globally to minimize model risk and to ensure that the system is being constantly peer reviewed by a broad user base.
Services Associated With Reporting Process
Capital Management & Risk Transfer
GFRAM Consultants have broad experience working with insurance and reinsurance companies to devise ways to optimally deploy their available capital, or to raise low cost capital. These strategies include the design of creative financial reinsurance structures to reduce capital needs or to raise new capital. We are also available to provide guidance on potential Merger and Acquisition (M&A) transactions involving insurance entities. Our consultants have participated in numerous due diligence exercises and are available to share that expertise whether you are the buyer or the acquisition target. Finally, we have capital market experience related to structured products, and specifically the use of Special Purpose Vehicles (SPVs) to provide capital or to transfer risk.
Client Feedback
“…We have found the performance of GFRAM Consulting Ltd. to be excellent. GFRAM Consulting Ltd. has always demonstrated a high level of professionalism, expertise and competence in the services for which they have rendered. They have always been very responsive and willing to offer and provide advice on matters for which we have sought their assistance…”
Statistical Institute of Jamaica
“… JMB contracted the services of GFRAM Consulting to conduct an actuarial review of the Mortgage Insurance Fund (MIF) and Mortgage Insurance Reserve Fund (MIRF)… we found GFRAM to be very thorough and their findings were contained in a detailed report which was presented in a timely manner. The report was the best we have received over time and provided JMB with valuable insight and recommendations regarding the operations of the Funds…”
Jamaica Mortgage Bank
“…Their thinking, probing and researching of our business and industry needs has led us to a better methodology and standard. They were very professional, well organized, and did an excellent job of presenting the solutions and recommendations. They took the time to understand our business and industry needs and provided innovative practical solutions… Working in partnership with GFRAM Consultancy… also enabled our team to expand our knowledge.”
Betting Gaming & Lotteries Commission
“GFRAM has been the Consulting Actuarial Firm for the Bureau of Standards Jamaica (BSJ) in the General, Health and Life Insurance areas. The work product received from GFRAM is usually well presented, detailed and self-explanatory. Further, we have found their staff to be knowledgeable, professional and readily available to provide clarity where necessary…”
Bureau of Standards Jamaica
“We have been using GFRAM Consulting Limited to prepare Actuarial Valuation Reports and provide Actuarial Services for Tropical Battery Company Limited Pension Fund for the past ten (10) years. We have always been completely satisfied with the turn-around time to provide the reports and with the quality and presentation of their work… We also found the staff to be professional, knowledgeable and courteous… “
Tropical Battery Company Ltd
“… Over the years, GFRAM has proven to be very efficient, reliable and offered excellent customer service and satisfaction. Overall, they offered excellent service above what was required of them… They facilitated a short training session for selected members of staff with just one day's notice and they always produced the necessary deliverables before the stipulated deadline even when we were late…”
Real Estate Board
“The Hanover Municipal Corporation is extremely pleased and highly satisfied with the level of consultancy services that GFRAM Consulting has provided us with. We have found the firm to be very prompt, responsive and highly professional… Critically, the cost is very reasonable and the payment terms very convenient for the very high quality of service provided. Also, the firm will go well beyond the call of duty to satisfy their customers, as we have personally experienced…”
Hanover Municipal Corporation
“GFRAM Consulting Limited has provided us with Consulting Actuarial Services by way of an Actuarial Merger Valuation of two (2) of our Defined Benefit Pension Plans. Based on our interactions with GFRAM, we have found them to be very thorough in conducting the task at hand, as they would provide the relevant explanations and advice required. In addition, their staff was professional and courteous and was readily available to provide clarity in preparation for our presentation to the Board…”
Sugar Industry Authority
“… GFRAM Consulting has demonstrated knowledge of the insurance industry and has given sound advice in our negotiation with our broker. GFRAM Consulting has proven to be efficient and responsive, providing timely reminders for the renewal of insurances… renewal reports was completed within the scheduled time each year… A high level of thoroughness was evident in the comparing of proposals to other public bodies with similar risks and ensuring that all procedures were fulfilled…”
Public Broadcasting Corporation of Jamaica
“GFRAM has partnered with us in navigating the best coverage decisions for our insurance portfolio, helping us to carefully evaluate risks and liabilities associated with those decisions. The staff is knowledgeable, very thorough and resourceful, making communication seamless and the client relationship satisfying… This, we believe, is a demonstration of capacity and aptitude…”
Tourism Product Development Company
