Insurance actuarial consultancy Barnett Waddingham has launched a new solution that enables insurance firms, including captives, to calculate Solvency II standard formula capital requirements for their business.
Siimplify is Excel based and has been launched by Barnett Waddingham to help insurance firms get their systems in place ahead of the Solvency II January 1 2016 implementation date.
"Siimplify helps captive managers calculate the solvency capital requirement in an efficient way because it is very user friendly. It clearly sets out what inputs are required and outputs can be easily extracted for management reports. It is built in excel environment hence it's not a black box either,” said the consultancy.
Kim Durniat, partner at Barnett Waddingham, said: “With Solvency II (SII) coming into force on January 1, 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 SII.”