SL Year 2023 in Review
- AUTHOR: Frida Ebouele
Coral Gables, December 29, 2023 – SL FINANCIAL is an actuarial consulting and advisory firm based in Miami, Florida. We offer actuarial consulting and advisory services for businesses and governments in both traditional (re)insurance and alternative risk financing industries.
Looking back at 2023, its events and circumstances have been varied and challenging. Navigating the US (Florida) distressed marketplace and extending footprint in competitive African marketplace, we kept our focus client and product diversification:
- Market Penetration in Nigeria: Establishing a Strong Foothold – SL FINANCIAL's first year in Nigeria was a resounding success. We carved a niche in actuarial specialties, from pension valuations to IFRS 17 implementation. Our months-long dedication across Africa, from Nigeria to Mauritius, cemented our regional commitment. And by hiring local talents, we laid the foundation for robust growth.
- Pioneering IFRS 17 Implementation Across Africa – SL FINANCIAL led the way in Africa for the new IFRS 17 insurance rules. We helped many companies across the continent understand and follow them. Our experts did not just give advice, they built special tools and software just for African insurance needs. This made it easier for companies to manage the changes with confidence. We helped them go beyond just following the rules, using IFRS 17 to make their finances stronger and more stable for the future. In Africa, we were not just changing how insurance works, we were making it better.
- Diversification into the Public Sector: Winning Major RFP – This year marked a strategic expansion for SL FINANCIAL as we ventured into the public sector by securing a major RFP for actuarial services in the USA. This move signifies our adaptability and readiness to address diverse challenges, positioning us as a trusted partner beyond the traditional realms of our industry.
- Innovation – Our tech arm, SL DRA, sister firm and technology startup powered innovation for us this year. Our acceptance into prestigious incubator programs (e.g., NSU Incubate 8), demonstrate our commitment to innovation. Moreover, our engagement with insurance regulators in Africa (e.g., NAICOM) to address critical insurance and technology-related topics demonstrates our thought leadership and impactful contributions to the democratization of insurance with technology.
- Diversification – Our firm consolidated its achievement in core practices. Here are examples of projects completed during the years 2023:
- Appointed & Peer Review Actuary for U.S. Property/Casualty Insurers
- Non-Life and Life Actuarial Valuations Under IFRS 17
- Actuarial valuations of post-retirement benefits
- Actuarial audits support services
- Education – At SL FINANCIAL, we recognize the importance of nurturing talent and contributing to the growth of the actuarial profession. During the year, added to the nomination of one of our young actuary for the Young Actuary under 30 to watch out by the NAS of Nigeria, we proudly supported an actuarial thesis from UCLouvainUCL of Belgium. Our CEO has actively contributed to the professionalization of the actuarial function in Sub-Saharan Africa by serving as a professor for Business Case in Reinsurance class at the International Institute of Insurance in Cameroon (IIA) for the second promotion and by accepting interns at the firm. These initiatives underscore our dedication to knowledge dissemination and the continuous development of the actuarial community.
- Expansion of the Actuarial Profession – As Board member candidate with Society of Actuary (see 2023 SOA members Candidates ), our CEO confirmed our aims to contribute to the expansion of the actuarial profession around the world and particularly in the developing countries.
Overall, SL FINANCIAL achievements this year exemplify resilience, innovation, and a commitment to excellence. As we look forward, we remain steadfast in our pursuit of excellence, eager to embrace new challenges, and dedicated to making a lasting impact in the financial and actuarial landscape.
For any question or media inquiry, please visit our website at www.sl-financial.com or contact our team at that email@example.com.