SCR calculator solution

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.
     

Contact us for all enquiries

For more information about the independent, expert services we provide in this area, speak to our team today.

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