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Under Solvency II companies need to have a seamless regulatory process for the calculating and reporting of insurance liabilities.

Our Excel-based software, SIIMPLIFY, enables a quick and easy calculation of the standard formula SCR under Solvency II.

SIIMPLIFY is an integrated solution that automates the production of Pillar 3 reporting. For example, Solvency II Solution’s product, Tabular, pulls all the relevant reporting requirements from SIIMPLIFY with an easy click of a button.

This provides a seamless and effective solution for both Pillar 1 and Pillar 3.  

SIIMPLIFY is:

  • an easy to use, Excel-based tool, accessible to both actuaries and finance teams alike;
  • simple to navigate using our convenient menu and clever macros that show you the information you are focussed on;
  • clear layout of data inputs and summary of results; and
  • flexible enough to meet your specific needs, including Undertaking Specific Parameters (USPs) and Partial Internal Model (PIM) calculations.
     
  • results are presented visually as well as numerically so that complex information can be communicated to a wide range of people across the business;
  • improves engagement with senior management, helping them to understand the drivers of capital; 
  • helps facilitate strategic decision-making; and
  • SIIMPLIFY can also be used in other ways, such as in validation and internal audit, thereby helping other advisers, including investment managers, auditors and management consultants.
     
  • a standard formula solution which produces outputs in standard reporting format;
  • enables users to use less actuarial resource for number crunching which means increased focus on how to optimise capital under Solvency II;
  • facilitates scenario testing, for example in the Own Risk and Solvency Assessment (ORSA) process;
  • audit functionality improves controls around the process; and
  • developed, supported and validated by Barnett Waddingham, giving users confidence in the outputs they produce.
     

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