With Mo.net as a platform, Partners has developed the first actuarial software tailored specifically for Takaful business. Mo.net has been used in the UK by a number of companies to deal with the increased computational complexities required by Solvency II. Drawing from this experience, and with the ever changing regulatory requirements happening in the Takaful industry, Partners has put together a model that can be used to perform an extensive range of actuarial work. The model’s functionalities include product pricing and profit testing, net / gross contribution valuation, statutory valuation under the Malaysian regulatory requirements of Risk Based Capital for Takaful (RBCT), embedded value calculations and many others.
With its vast experience in the Takaful industry collated over decades in a number of countries, Partners’ intellectual capital on issues specific to Takaful has helped ensure the robustness of the model and that all vital issues in Takaful are taken into account. The Takaful model has been developed to accommodate various Takaful operating models and product features. Pricing innovative products becomes easier and the client’s management is now able to gauge different profitability levels coming from different plan designs, options and features using the model. Since the model is able to do all work including pricing, profit testing, valuation, clients can be assured that the model would be able to keep up with the development of new innovative products and that calculations are done consistently using a single software.
Partners has a dedicated team of Mo.net consultants who will be coding clients’ products into Mo.net, maintaining the model to cater for changes in business model, regulatory or reporting requirements as well as providing trainings. Training is especially helpful at initial setup to help clients become comfortable with the Mo.net user interface and the model codes. Training is also available throughout the licensing period if necessary.