Aon Global Risk Consulting has launched ASTRA, a new Solvency II Pillar I solution.
The tool has already been licenced to a number of companies across Europe, including Hiscox Insurance Company.
ASTRA is an Excel-based Solvency II Standard Formula tool, developed by Aon in response to the demand for a simple, easy to use and cost effective solution to assist in completing the standard formula calculation.
Since the early quantitative impact studies conducted by European Insurance and Occupational Pensions Authority (EIOPA), Aon Global Risk Consulting has claimed that it has been working with its clients to “fully understand the complexities of the standard formula calculation”.
EIOPA is part of the European System of Financial Supervision, governed by a board of supervisors composed of representatives of the relevant supervisory authority in the field of insurance and occupational pensions from each member state.
It is the regulatory advisory body to the European Commission on Solvency II.
Associate director of actuarial and analytics at Aon, Jason Noronha, said: “The standard formula calculation has proved more complex than expected for many companies.”
“ASTRA allows our clients to minimise the time spent completing the calculation and instead focus on understanding the results using ASTRA’s suite of insightful management information reports.”
