Our specific areas of expertise includes:
Actuarial Valuation of Employee
Employee Stock Options (ESOP)
Insurance Consulting
Retirement Consulting
Benefits Consulting
Asset Liability Management strategies for Employee Benefits and other relevant areas.
Risk Management, Business, and Investment Consulting Advisory.
What makes us different ?
Competency
- Total experience of 80 + yrs.
- Knowledgeable in all areas
- 24 * 7 availability
- Cost efficient servicing
- Deeply Resourced
Integrity
- Maintain high ethical and Moral standards
- Every employee is Accountable
- Deliver results as promised
- Uncompromised professionalism
- No Short cuts
Client Deliverables
- Listening to the client needs
- Building lasting relationships
- Creating value to client
- Not Transactional
Quality & Culture
- Open and honest work culture
- Maintaining confidentially at any cost
- Adopting best practices with quality
- Working as a team
- Building future leaders
Chitra Jayasimha (Founder & CEO)
Chitra is a Senior Consulting Actuary and Founder of Universal Actuaries and Benefit Consultants with 35 plus years of experience in Life Insurance, General Insurance, Health Insurance, Pension , Retirement and Benefits
She is a Fellow of the Institute and Faculty of Actuaries, UK (FIA), Fellow of the Institute of Actuaries of India (FIAI) and Fellow of the Insurance Institute of India (FIII). She is a member of the Advisory Group on Pension, Employee Benefits and Social Security Schemes of the Institute of Actuaries of India. She is also the appointed actuary of Samina Life , Nepal.
She has worked extensively in areas of Life Insurance, General Insurance , Health Insurance & Reinsurance business which includes costing, pricing, basis for terms of trade & experience analysis, Valuation of Liabilities , Embedded Value calculations, Analysis of surplus, Economic Capital and Life underwriting.
She has extensive experience in Employee Benefits in both funding and accounting Actuarial Valuations under Indian GAAP, IFRS, US GAAP & other country Specific local GAAPs for Sri Lanka, Pakistan, Bangladesh, Nepal, Thailand, Indonesia, Middle East, Philippines, Australia & Turkey.
In the Benefits Consulting space, she has worked for large M&A deals, due diligence of statutory and other benefits, Retirement solutions, B-to-B financial wellness, Benefits Design, Redesigns, etc.
She has worked in the past for MNC firms including Aon Consulting , Mercer Consulting, Swiss Re India, Paternoster (UK) , ING Life and LIC of India .
Success Stories
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Conversion of Defined Benefit Pension Plan (DB) to Defined Contribution Plan (DC) of a foreign BankThe foreign bank wanted to convert its existing DB Pension plan to a DC set up. Engagement entailed:
- Determination of current liability and additional cost involved after considering full service pension before and after retirement
- Detailed Scenario analysis considering multiple situations of the cost involved in converting the DB pension plan to a DC set up
- Support on set-up and implementation of the conversion
Engagement completed over 6 months from beginning of due-diligence to set-up and handover of implemented processes and policies, including communications and workshops for managing change.
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Valuation for a large conglomerate with multiple entities and frequent employee movementThe company faced multiple issues on financial reporting for Employee benefits. UABC provided Actuarial and Retirement consulting for all 10 entities and 8 Benefit Plans for Local and US GAAP accounting.
Key client outcomes:
- Process improvement with valuations as per schedule
- Quarterly budgeting support
- Active resolution of auditor queries
- Built on going partnership
- Analyzed cost impact of change in benefits
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Cost impact analysis and redesign of the leave policyThis large IT Company operating across several countries was seeking to engage with a firm willing to partner on the global benefits initiative specific to their leave policy. Their primary requirement was to study the leave policy across all their entities, with respect to their current utilization and cost impacts on separation, encashment and retirement. Their Secondary requirement was to design a new leave policy such that it is complaint with the local regulations and while being competitive in the Market, also be designed to reduce the cost for the company.
UABC analyzed their leave policies under various scenarios and the key client outcomes included:
- Cost impact and utilization analysis of the existing leave policy
- Redesigned the Leave policy keeping in mind the country leave regulations
- Ensured Cost saving to the company while keeping in mind the market competitiveness
- Also Streamlined the leave valuations to ensure predictability
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Compliance and Governance Audit: Large Multinational IT services companyA large multinational IT Service organization needed a detailed compliance and governance audit of Retirement plans including audit of service provider's processes and SLA's
UABC delivered:
- A detailed review spanning all elements of audit (Compliance, Accounting, Investment, Transaction Process, Audit Provider's Capability and SLA, Workflows & Process Flows)
- Gap analysis and recommendations to client board
- Governance framework design and implementation based of proposed future state functioning of the Trusts