Moore Stephens has partnered with Asseco to launch a solution for Solvency II (SII) reporting for the UK insurance sector.
The solution will help insurers automate all standard formula calculations for Pillar I and all reporting for Pillar III.
The SII Engine is ‘rules based’ and entirely flexible to handle a firm’s internal model, Pillar III reporting requirements, including Lloyd’s syndicate reporting, according to Moore Stephens.
It is also capable of calculating stress test results, Solvency II technical provisions, capital projections and key risk indicators within a single environment.
The solution, which was launched at a Moore Stephen seminar at the Baltic Exchange, has already launched in Europe earlier this year and has already been used by more than 35 companies to submit more than 150 annual and quarterly Solvency II reports.
Omar Ripon, partner at Moore Stephens, commented: “We believe the SII Engine is the best integrated Solvency II reporting tool. It effectively provides a complete solution for Pillar I, II and III reporting that meets regulatory standards and benefits internal operational efficiency requirements.”
“We are pleased to partner with Asseco who have a proven track record of successfully implementing the tool across Europe.”
