Insurance actuarial consultancy Barnett Waddingham has today unveiled ‘SIIMPLIFY’, a new user friendly solution that enables insurance firms to quickly and easily calculate Solvency II standard formula capital requirements for their business.
Excel based, SIIMPLIFY has been launched by Barnett Waddingham to help Insurance firms get their systems in place ahead of the Solvency II January 1 2016 implementation date.
SIIMPLIFY has been designed to be robust and efficient, conveniently producing numbers in a standard reporting format, whilst also enabling firms to have less reliance on actuarial resources and more control of their capital management and reporting.
"SIIMPLIFY allows insurance firms to position themselves well to comply with Solvency II requirements"
Additionally SIIMPLIFY has been developed so that findings can be presented numerically as well as graphically, enabling the whole business to understand the drivers in the capital levels, which can help to facilitate strategic decision making. The solution provides scenarios to help firms with capital optimisation and embedding of risk management.
Kim Durniat, partner at Barnett Waddingham said: “With Solvency II (SII) coming into force on 1 January 2016, firms need to have an efficient year-end regulatory process that has a good structure and meets all the requirements so that the transition from Solvency I to II will be a smooth one.
“SIIMPLIFY allows insurance firms to position themselves well to comply with Solvency II requirements and enables them to quickly and easily calculate capital levels and meet reporting requirements with minimal hassle. It will also provide a solution to integrate capital management and risk management, enabling the embedding of SII.”