A risk consultancy which aims to become a thought leader and innovator in the general insurance market has been launched by the former group chief actuary of Omega Insurance Holdings.
Buu Truong has established Insight Risk Consulting to meet demand from insurance companies for 'hands-on' actuarial involvement in relation to risk and capital modelling, pricing support and to address the implications of economic balance sheets on reserving.
'The type and nature of actuarial work in the general insurance market has changed so much recently,' he said. 'I founded Insight as a flexible proposition to support clients in this time of change.
'Existing consultancies have served the market well in the past, but the work now being directed to actuarial departments is needing greater levels of hands-on engagement with more regular delivery of softer outputs.'
Mr Truong said he believed there was a 'third way' to meet this demand, besides the contractor market and existing actuarial consultancies.
He added: 'The company is hoping to be a real thought leader and innovator with regards to risk practices in the general insurance market. In this new world, there is a real opportunity for the industry that has invested so heavily in Solvency II, to start getting something back. That is where I'm hoping Insight can help make a difference.'
Prior to establishing Insight Risk Consulting, Mr Truong held senior actuarial roles in London, working across reserving, pricing, capital modelling and risk. In his most recent post, at Omega Insurance Holdings, he was responsible for all aspects of the firm's internal model.
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