SIIMPLIFY®
A pillar to pillar solution
SIIMPLIFY
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.
SIIMPLIFY is:
- 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
PRA Solvency II Directors Update January 2015
The PRA issued its latest Solvency II Directors’ update on 12 February. This blog covers the key areas touched on and key points of interest.
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The standard (but not-so-simple) formula
Standard formulae are common among mathematicians and scientists and serve a key purpose – to simplify a problem. In this blog we explore the difficulties that can arise under the standard formula approach.
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Asset data requirements for Solvency II
Insurers are used to having to collect asset data to enable them to calculate statutory valuations. However, the Solvency II Standard Formulae require approaches that might mean additional asset data needs to be collected. Our blog looks at this in more detail.
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