Aon launches formula calculation tool to simplify Solvency II

Aon Global Risk Consulting, the risk management consulting arm of Aon has launched a new Solvency II Pillar I solution, dubbed ASTRA, designed to ease compliance with the legislation.

The tool has already been licensed to a number of companies across Europe, including Hiscox Insurance.

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 EIOPA, Aon Global Risk Consulting says 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, and is the regulatory advisory body to the European Commission on Solvency II.

Jason Noronha, associate director of Actuarial & Analytics at Aon, comments: “The standard formula calculation has proved more complex than expected for many companies. ASTRA allows our clients to minimize the time spent completing the calculation and instead focus on understanding the results using ASTRA’s suite of insightful management information reports.”