Nicholas Actuarial Solutions
Actuarial consulting and automation software for the insurance industry in Asia
Overview
Nicholas Actuarial Solutions, operating under the brand Actomate, is an actuarial consulting and technology firm serving insurance companies across Southeast Asia and the broader Asia-Pacific region. The company provides actuarial services, outsourcing, and proprietary automation tools to carriers, reinsurers, takaful operators, and offshore insurers. Service coverage spans life insurance, general insurance, takaful, reinsurance, data analytics, and Labuan-based offshore insurance. The firm operates through subsidiaries in Malaysia, Singapore, Indonesia, Cambodia, and Hong Kong.
The company has developed a suite of robotic automation tools -- including IBNR Robot, LRC Robot, LIC Robot, PAA Robot, and others -- that automate reserve calculations, pricing, and financial reporting tasks typically handled manually by actuarial teams. These tools address requirements under IFRS 17 (MFRS 17) and other financial reporting standards. In addition to software, the firm provides risk-based capital reporting, employee benefits actuarial work (IAS 19, MFRS 119, IFRS 2), loss modeling, pricing, and strategic advisory services.
Nicholas Actuarial Solutions is the first and only actuarial firm awarded MSC Malaysia status by the Malaysian Government, and has received the Quality Assurance Scheme (QAS) accreditation from the Institute and Faculty of Actuaries (IFoA) in the UK. The firm received angel funding in 2020 and employs approximately 40 to 50 people across its regional offices. It has been recognized as a Top Actuarial Firm in Asia by Asia Captive Review (2019) and as an SME100 Awards winner in Malaysia (2023).
Products & Services
IBNR Robot
Automates the calculation of Incurred But Not Reported (IBNR) reserves, reducing manual actuarial effort in reserving workflows.
Key Features
- Automated IBNR reserve calculations
- Output suitable for statutory and financial reporting
- Reduces manual actuarial workload
Target Users: General insurance and reinsurance actuarial teams
LRC Robot
Automates loss reserve calculations under IFRS 17 / MFRS 17 standards.
Key Features
- Loss reserve calculation automation
- IFRS 17 / MFRS 17 compliance support
- Reduces time on financial reporting cycles
Target Users: Insurance carriers and reinsurers with IFRS 17 obligations
LIC Robot
Automates life insurance calculations including reserves and liabilities.
Key Features
- Life insurance reserve automation
- Liability calculation workflows
- Structured for life insurance actuarial teams
Target Users: Life insurance actuarial departments
PAA Robot
Supports premium allocation approach calculations under IFRS 17.
Key Features
- Premium allocation automation
- IFRS 17 PAA method support
- Reduces calculation time for short-duration contracts
Target Users: Insurance finance and actuarial teams
PET Robot
Provides pricing and experience analysis tooling for actuarial teams.
Key Features
- Pricing model automation
- Experience analysis workflows
- Supports both life and general insurance pricing
Target Users: Pricing actuaries at carriers and reinsurers
RiskHeat
Risk analysis and visualization platform for monitoring and presenting risk exposure.
Key Features
- Risk analysis automation
- Visual risk reporting
- Suitable for board and management reporting
Target Users: Risk management and actuarial teams
MELTDOWN
Advanced actuarial modeling platform for complex analysis and scenario testing.
Key Features
- Advanced modeling capabilities
- Scenario testing and stress analysis
- Flexible configuration for various insurance lines
Target Users: Senior actuaries and analytics teams
Gratuity Robot
Automates employee gratuity benefit calculations for HR and actuarial teams.
Key Features
- Gratuity benefit calculation automation
- Supports IAS 19 / MFRS 119 compliance
- HR and actuarial team integration
Target Users: Finance and HR departments at insurance companies and other employers
Actuarial Consulting Services
Full-scope actuarial consulting covering employee benefits, statutory reporting, risk-based capital, and financial reporting for insurance companies across the Asia-Pacific region.
Key Features
- Employee benefits valuations (IAS 19, MFRS 119, IFRS 2)
- Risk-based capital and statutory reporting
- IFRS 17 / MFRS 17 implementation support
- Offshore insurance consulting (Labuan)
- Outsourcing and resourcing solutions
Target Users: Insurance carriers, reinsurers, takaful operators, and employers
At a Glance
- Founded
- 2015
- Headquarters
- Kuala Lumpur, Malaysia
- Employees
- 11-50
- Funding
- Seed
Category & Focus
- Category
- Data & Analytics
- Subcategories
- Actuarial Tools Risk Modeling Financial Reporting Reserve Automation
- Insurance Verticals
- Life & Annuity P&C Commercial Reinsurance Specialty/E&S
- Target Customers
- Carriers, Reinsurers, MGAs/MGUs
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Last updated: 2026-06-15