About Us

Adendum at a Glance

• Established as an actuarial company in August, 2007 by the principal shareholder Ali Haydar ELVEREN, Adendum grows organically with the partnership model.
• Currently employs 13 full time (2 full time actuaries, and 2 candidates) + 2 part time personnel.
• Full time personnel holds 12 years avg. sector experience.
• Sector leader in Pension Business and Provident Funds consulting in Turkey,
• Appx. 30-40% Growth in each year.

Reference Projects

Strategic and Management Consultancy 

• General actuarial consultancy for three leading and big scale companies in life insurance and private pensions sectors. In the Pensions Sector, the companies that we serve cover 90% of the sector (in terms of participants’ funds) as of 2011 year end.
• Consultancy to Pensions Monitoring Center and Voluntary Pension Sector Initiatives in assisting to the studies for developing pension industry and regulatory environment.
• Actuarial consultancy to small sized foreign non-life insurance company.
• Actuarial consultancy to a medium sized pension and life insurance company.
• Management consultancy to a joint-venture Turkish Bank in regarding employee benefits and restructuring its Fund providing pension type benefits.
• Project based actuarial consultancy to a Leading Pension Company in product development. 
• Strategic consultancy to Association of Insurance and Reinsurance Companies in Turkey, on life and pension sector regarding annuities.

M&A, Market Entrance - Pension and Life; 

• Preparing a strategy report for pension market entrance of a foreign shared insurance company.
• Due diligence of M&A of Pension and Life Company in cooperation with Towers Watson. 
• “A General Analysis of Turkish Insurance Sector for M&A” in cooperation with Towers Watson.
• Project based consultancy to a foreign company which is in the set-up process to private pensions sector in cooperation with Towers Watson.
• Project based consultancy to two foreign companies (one in transition and one newly founded) which are in set-up process in private pensions sector.

Loss of Support Indemnity” calculations;

• Preparations of Actuarial reports including “Loss of Support Indemnity” calculations for the leading Turkish non-life insurance companies (Axa, Allianz, Groupama, Anadolu, Eureko, Turkish Motor Insurer’s Bureau, Ergo, Mapfre etc.).
• Institutionalized these reports so that they are calculated by actuaries in a fair and generally accepted actuarial principles. Formerly these reports were mostly calculated by lawyers and incompetent people in the sector. Lobbying activities to prohibit incompetent people calculating those reports.
• Market leader in the actuarial calculations & reports  (more than 30% market share)
• Quick response to the customers (reports prepared in 2 days)
• Ongoing IT project for the renovation of the present programs/Investment in technology

AddVICE (a robo advice tool, Private IPS Information Platform) (www.addvice.com.tr)

• AddVICE is a simulation tool specifically designed to supply customised information and financial advice regarding the Individual Pension System, pension funds’ performance, other investment products and insurance products in Turkey. Plan members of Turkish IPS and all kind of visitors are able to compare and evaluate the Turkish Pension Funds past performance, simulate their future pensions and plan their lifetime risks accordingly.
• AddVICE currently offering service for pension funds, will also include a specific customised module which will help customers to find the right insurance product for their specific needs thereby supplying a complete pensions & insurance cover for the customer in his lifetime.
• AddVICE aims to help all the stakeholders in the pensions and insurance industry (plan members/contributors, plan sponsors/employers, pension salesperson/agencies and pension companies) to comprehend and cope with the retirement planning process by giving concise information and providing simulation tools thus helping to increase the overall financial literacy among the population.
•  AddVICE is currently offered as a website on the internet and on mobile phones.

 Calculating Severance Pay Liability in an Actuarial Approach 

• Actuarial calculation of the “Severance pay liability” for numerous SME’s and large companies. Our calculations are precise and take into account demographic factors like death, marriage, military service etc. Our customer base covers several ten thousands of employees from different sectors, giving a sound base to collect statistics about voluntary withdrawal and other demographic assumptions.

Licensing, Restructuring of Pension Companies, Valuation of Portfolios

• Management consultancy to two insurance companies in receiving the pension license in Turkey,
• Management consultancy to a large insurance group after the M&A process.
• Actuarial valuation of the life insurance portfolio of a mid-sized company as a preparation for restructuring and acquisition.

Endowment/Foundations and Pension Liabilities of Companies

• Actuarial consultancy to the biggest endowment/foundation in Turkey, in terms of number of members and assets under management,
• Restructuring of the Koç Holding Pension Fund, diverting future company contributions to the private pension system with extended benefits,
• Actuarial second opinion for a DB based mid-sized endowment fund,
• Actuarial report and actuarial consultancy for a DB based international pension plan,
• Actuarial report and actuarial consultancy for a DC based Foundation, which is one the biggest foundations in Turkey, in terms of assets,
• Actuarial evaluation report for 3 very large scale DB/DC based foundations and two small scale foundations,
• “Development of New Generation Pension Products Project” with a big scale and frontier pension life insurance company,
• Actuary report for a DB based pension plan for a big scale company in North Cyprus,
• Actuarial evaluation of pension benefit structure for a DB based foundation, restructuring and consultancy for implementation of the newly advised system,
• Consultancy for actuarial evaluation and transfer to the private pension system for a mid-sized foundation,  
• Joint venture with other international consulting companies for actuarial valuation of two DB based foundations.

Support for the Automatic Enrollment Process  

• Support to the automatic enrollment process of one of the biggest holding’s all companies,
• Evaluation of the present pension plans of a foreign capital drug producing company, evaluation of the consistency of the plan with automatic enrollment requirements , designing the automatic enrollment processes and support for the training purposes,
• Workshops and training courses for the pension companies in reorganizations-regarding especially sales distribution channels,

Actuarial Consultancy to Non-Life Companies

• Actuarial report for “Loss of Support Indemnity” calculations for leading non-life insurance companies (Axa, Allianz, Groupama, Anadolu, Eureko, Turkish Motor Insurer’s Bureau, Ergo, Mapfre etc.). Loss of support honours the remaining expected life of the deceased as well as the aggrieved in order to achieve the most accurate results. We follow and apply the most recent legislation. We append civil and higher court decisions that support our calculation method to our reports.

Training and Workshops

• Training/Workshops on hot topics in pension system for executives of medium sized pension and life company.  
• Training, seminar and workshops on strategies, regulations, products and trends in relation to social security, insurance, provident funds and private pensions to the senior executives of insurance and pension companies.
• Training, seminar and workshops for sales persons regulations, developments, products and sales techniques.