Barrie & Hibbert will supply its Economic Scenario Generator (ESG) to Discovery Life, one of the fastest-growing life insurers in South Africa.
Barrie & Hibbert was chosen above several other providers to supply the model which will become an integral part of Discovery Life's risk management framework.
Discovery Life offers clients a unique range of benefits, including risk benefits that offer protection against economic market conditions. The award winning company was the first South African insurer to separate risk from investment, leading a change that is projected to save consumers more than R5 billion.
Riaan Van Reenen General Manager, Actuarial, for Discovery Life comments: "Various providers where considered but Barrie & Hibbert emerged as the gold standard in the South African market with a proven track record and calibrations specific to the region. The ESG created by Barrie & Hibbert allows accurate understanding of the range of potential outcomes and is valuable in the reserving and embedded value calculation of our products."
Viktor Knava, Barrie & Hibbert's Client Services Manager has worked closely with the life insurance company and adds, "Barrie & Hibbert was able to provide Discovery Life with a user-friendly ESG which matched their requirements completely. It was also important to get the software up and running quickly and we provided onsite training so they were able to see the benefits immediately."