SIIMPLIFY is a Pillar 1 Solvency Capital Requirement (SCR) tool.
Under the Solvency II regime firms need to have a seamless regulatory process for calculating and reporting Solvency II figures.
SIIMPLIFY enables you to quickly and easily calculate your SCR on the standard formula basis.
SIIMPLIFY output is integrated to Pillar 3 software solutions. For example, Tabular by SolvencyIISolutions pulls all the relevant reporting requirements from SIIMPLIFY with a click of a button. This provides a seamless and effective solution for Pillar 1 and Pillar 3.
This was built initially for our clients and we are now offering to the market.
- Excel based
- easy to navigate
- clear layout of data inputs and results summary
- flexible to meet your needs, including USPs and Partial Internal Model calculations
- presents results graphically as well as numerically and lets the whole business understand the drivers in the capital
- engages management in understanding the drivers in the capital levels facilitates strategic decision making
- levels and facilitate strategic decision making
- additional projections models available to meet Pillar 2 stress and scenario testing and future SCR projections requirements
SIIMPLIFY can also be used in other ways such as validation, internal audit and enabling other advisers such as investment managers, auditors and management consultants.
- produces outputs in standard reporting format
- enables you to use less on actuarial resources on number crunching and more focus on how to optimise your capital under Solvency II
- audit function will improve controls around the process
- built, supported and validated by leading actuarial consultancy, Barnett Waddingham, to give you confidence that your model is up-to-date and accurate