FINACTU
Social Protection
FINACTU Group is a major player in social protection in Africa and contributes regularly, alongside all managing institutions and regulators, to strengthening, modernising and extending the protection of the continent’s populations against social risks
Social Protection
Pension schemes (basic and supplementary)
With regard to retirement, we carry out almost all actuarial audits of existing plans, almost always working on a pay-as-you-go basis; we assist the funds with parametric reforms or the more radical transformations of the regimes (fusion, extension to new populations). But we have also developed expertise in the creation of funded pension schemes, either within companies or at a national level.
Our services to pension funds
FINACTU assists the organizations managing pension schemes:
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actuarial and financial modelling of pension and providence schemes, using our actuarial simulation software (ATLAS ©) and identification of reforms, parametric or institutional, necessary or possible;
- development of mortality tables at national or national level;
- drafting of texts (laws, decrees, etc.) for the effective implementation of a reform;
- support to governments in the pension reform process (negotiations with national stakeholders, awareness campaigns, information workshops, etc.);
- training and capacity building of pension fund staff in the use of actuarial tools.
FINACTU has also specialized, at the request of its African clients, in the establishment of funded pension schemes, to strengthen the existing pay-as-you-go schemes:
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feasibility study of capitalized, complementary or basic schemes;
- actuarial study and pricing of these schemes;
- audit, recommendations and supervision of the transition from a pay-as-you-go system to a funded system
- Assistance with the implementation of these schemes: IT, process, training, legal and technical documentation, etc.
Social Protection
Specific schemes for self-employed workers
The FINACTU Group supports countries and social security organisations in the development of specific schemes for self-employed workers.
In sub-Saharan Africa, less than 15% of the population is covered by at least one type of social protection.
This observation, which is specific to the African context, is particularly pernicious, as this configuration acts as a powerful factor in accelerating inequalities: people excluded from social protection are generally those who are also excluded from a formal and stable labour market.
As a major consequence of the inadequacy of African social security systems, the majority of the population is excluded from the scope of existing systems. As a result, the extension of existing systems needs to be analysed both as a social issue of equity in the treatment of populations and the fight against poverty, and also as an issue of building the foundations of an economy capable of participating in globalised development.
In order to meet the challenge of extending social protection in Africa, it is necessary to uncover the key factors responsible for this situation. Why have social protection schemes in Africa not benefited from the centripetal force attracting more and more members into the system, as has been the case elsewhere in the world?
It is only by understanding the driving forces behind this dynamic, thanks to its expertise in the field of social protection in Africa, that FINACTU has been able to contribute to the extension of various social protection systems on the continent. Indeed, the FINACTU team, aware of the essential challenge of extending social protection to as many people as possible, has carried out almost all the studies on this issue over the last two decades in Africa
Social Protection
Health insurance schemes
In terms of health insurance, FINACTU has had the privilege of accompanying all African countries that have put in place protection against the risk of disease (Tunisia, Morocco, Mauritania, Gabon, Mali, Togo …).
Our services to health insurance funds FINACTU assists governments seeking to establish national health insurance schemes:
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complete institutional set-up, legal and regulatory aspects (healthcare basket, agreements with providers, decrees for various applications, service provider target contract, list of medicines, …);
- actuarial framework, financial package (contribution determination, financing study);
- determination of the healthcare basket;
- agreements with care providers;
- medical nomenclature;
- operational implementation of the management body (Health Insurance Fund)
FINACTU assists the organizations managing health insurance schemes:
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choice of management tools: software, registration and medical consumption monitoring card, monitoring tools for health care providers etc.;
- training and capacity building for staff in the use of actuarial tools;
- implementation of portfolio monitoring and management control policies
Social Protection
Occupational injury and disease insurance (AT/MP), family benefits, unemployment, housing, etc.
The FINACTU Group regularly assists social protection organisations to better structure the management of occupational accident, family, maternity and other risks.
FINACTU is also solicited for the creation of new branches, usually not covered in Africa, for social risks that certain countries want to insure through innovative solutions. In particular, this involves finding suitable mechanisms to manage the risk of unemployment or homelessness, taking into account the specific characteristics of the continent’s demographics and economies.
Social Protection
Supervisory Authorities
In nearly 25 years, the FINACTU Group has established itself as a leading consultancy advising governments on social issues. As highlighted in our track record below, we have become a key partner for supervisory authorities in the reform of social protection systems in Africa, the Caribbean and the Middle East.
The FINACTU Group has unrivalled experience in improving the development and implementation of national social protection strategies, as well as the operational means of control to achieve these objectives.
Social Protection
Country strategy and social protection system (negotiation, awareness-raising, training, drafting of legal texts, etc.)
FINACTU has been advising most of the countries and institutions in Africa, the Caribbean and the Middle East for over two decades on all aspects of social protection: pensions, health insurance, occupational accidents, family benefits, social assistance systems and so on.
Our work ranges from setting up schemes and carrying out actuarial and organisational audits to reforming or improving their management.
FINACTU’s unique positioning in the field of social protection in Africa, the Caribbean and the Middle East gives it a high level of credibility with governments and international funding organisations (World Bank, African Development Bank, European Union, etc.).
Social Protection
Organisation & IT
The Process & IT functions are at the heart of the management of social protection schemes. The implementation of schemes or their reform depends on the existence of a documented and efficient organisation, equipped with high-performing management tools.
