ACTBuilder Actuarial Solutions Sdn. Bhd. (1108112-P) was founded in Malaysia in December 2014, which was originated from ACTBuilder Actuarial Solutions (002194416-T), established in January 2013. By setting “Solutions Made Easy!” as the company’s primary principle, we aim to support insurance companies & takaful operators by improving their business processes and providing alternative solutions to their complex business issues – by leveraging more than 17 years of experience in the conventional insurance & takaful industry!
Supports provided to ACTBuilder’s clients include (but not limit to):
• Solutions to business issues – By analyzing business issues from different angles, we propose and design solutions that are practical but cost effective. Examples include post sales illustration generation (due to revision in bonus / dividend scales of participating products), annual statements generation and account balance recalculations (by using actual transactions from certificate administration systems).
• Setup actuarial models – We design actuarial models in Prophet (actuarial software widely used in Malaysia) from “scratch”. By organizing the model library systematically and preparing detailed documentation, our clients have better understanding on their actuarial models and no more “black box”! So far we have setup Prophet Models for 6 takaful operators in Malaysia, as well as assist a conventional insurance company in implementing financial year end change (i.e. changing from June to December) in its Prophet Model.
• Process enhancements – We revamp & streamline business processes, so that insurance / takaful users can carry out their daily business tasks in more effective & efficient ways. Business processes we have worked on include actuarial valuation process and collection process for group insurance policies.
• Supports for traditional actuarial functions – We provide additional supports to the insurance / takaful companies or consulting firm that require assistance in their actuarial functions, such as pricing and valuation. Examples include business forecast, actuarial liabilities valuation and consultancy on actuarial valuation (on life insurance products).
Apart from providing business solutions, ACTBuilder believes that equipping employees with appropriate technical skills are crucial for an insurance company / takaful operator to run their businesses effectively. We design a range of technical courses (e.g. such as Excel and Prophet) that meet the needs of various types of business users, so that they can learn & apply appropriate technical skills in managing their day-to-day work.