SIIMPLIFY®
A pillar to pillar solution
SIIMPLIFY
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
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