Actuaries on demand here

From on-demand ride hailing to meals on wheels platforms, consumer convenience has driven advances in technology and its applications. Similarly, local startup Virtual Actuary is providing big business with on-demand risk management and planning expertise.

Launched by Adi Kaimowitz in November 2017, Virtual Actuary uses technology to bring together a network of unrelated professionals to collaborate on projects. It is also taking the fight for work to the Big 4 actuarial consultancies, he said.

He said the business’ focus on efficiency and resultant cost savings, which flow through to clients even as the business remains the start-up phase, sets it apart from the traditional actuarial consulting business model.

“We have two principles: we want to be more efficient and we want to keep our costs low”. This is achieved by making use of video conference facilities to allow actuaries to interact with clients the world over at minimal cost while maximising their time.

Despite charging its clients lower fees, Kaimowitz said Virtual Actuary’s actuarial staff earn over 80% of the fees. “We’ve turned the earnings table upside down in that the company only takes a small percentage.”