Insurance actuarial consultancy Barnett Waddingham has unveiled Siimplify, a new solution that enables insurance firms to calculate Solvency II standard formula capital requirements for their business.
Siimplify has been designed to produce numbers in a standard reporting format, whilst also enabling firms to have less reliance on actuarial resources and more control of their capital management and reporting.
The solution has been developed so that findings can be presented numerically as well as graphically, which is intended to help facilitate strategic decision making.
Siimplify also provides scenarios to help firms with capital optimisation and embedding of risk management.
Kim Durniat, partner at Barnett Waddingham, said: “With Solvency II coming into force on 1 January 2016, firms need to have an efficient year-end regulatory process that has a good structure and meets all the requirements so that the transition from Solvency I to II will be a smooth one.”
“Siimplify allows insurance firms to position themselves well to comply with Solvency II requirements and enables them to quickly and easily calculate capital levels and meet reporting requirements with minimal hassle.”
“It will also provide a solution to integrate capital management and risk management, enabling the embedding of Solvency II.”
