SIIMPLIFY
A pillar to pillar solution
SIIMPLIFY is a Pillar 1 Solvency Capital Requirement (SCR) tool.
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:
- Easy to use Excel based tool
- Simple to navigate
- Clear layout of data inputs and summary of results
- Flexible enough to meet your specific needs, including Undertaking Specific Parameters (USPs) and Partial Internal Model (PIM) calculations
- Presents results visually as well as numerically so that complex information can be communicated to a wide range of people across the business
- Engages senior management, helping them to understand the drivers in capital levels
- Helps facilitate strategic decision making
- 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.
- 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
- Audit functionality improves controls around the process
- Developed, supported and validated by Barnett Waddingham, giving users confidence in the outputs they produce
Register for a SIIMPLIFY demonstration
How to get the most out of your insurance consultant
More than half of UK life insurance companies will spend more on actuarial consultants in the next year. However, weaknesses in the procurement process make it difficult for insurance companies to achieve better outcomes and value for money.
Find out more
One more year . . . can we stop thinking about IFRS17 for now?
On 14 November 2018, the IASB announced a deferment of the IFRS17 implementation date. Increasingly, insurers are beginning to turn their attention to what is turning out to be a more complicated accounting standard than they first thought.
Find out more
With-Profits funds not dead as investment performance stays strong
With-profits funds offered by UK insurers have had a poor reputation since the near-collapse of Equitable Life, with many depicted as “zombie” funds producing poor investment returns. But, this just isn’t the case for the majority of funds.
Find out more