QuIC Financial Technologies, a market leader providing the world's financial organisations with risk management, pricing and analytic solutions, is pleased to announce that Lloyd's, the world's leading specialist insurance market, has selected QuIC as part of its Solvency II solution to ensure its risk infrastructure meets formal FSA regulatory approval for setting statutory capital well in advance of the 2012 deadline.
Lloyd's, already well-advanced in its preparations for implementing Solvency II, evaluated a number of competitive offerings before choosing QuIC as the best match for some of its modeling needs. QuIC's industry-leading technological speed and flexibility met Lloyd's rigorous modeling requirements, and the demanding Proof of Concept demonstrated QuIC could easily set up and run a million iteration simulations well within the required time window.
"Building on our extensive track record of helping organisations achieve regulatory approval with modeling, QuIC continues to win the trust of clients over our competitors in the advanced modeling market," stated Justin Forrest, Executive Vice President of Global Sales for QuIC. "As the world's leading specialist insurance market, Lloyd's risk management and capital modeling capabilities need to remain amongst the most advanced and sophisticated in the world. We see the QuIC platform playing a significant role in that challenge."
By applying a combination of best practices, industry leading technology and unmatched thought leadership in financial modeling and risk management, QuIC's solution has the flexibility to help Lloyd's meet the evolving FSA regulatory requirements for Solvency II against aggressive deadlines. It will provide an industrial strength solution that helps to demonstrate adequate capitalisation, offering highly productive tools to help personnel with modeling and reporting requirements.
"We are very pleased to be working with QuIC, a partner clearly committed to the advancement of modeling solutions for the global insurance industry," states Peter Hambling, Lloyd's Chief Information Officer. "This is one of the largest and most complex modeling infrastructure projects to be undertaken by our IT team, so we need the right technology solution and the specialist consultative risk modeling knowledge to help implement our assumptions in this new business environment."
Having already kicked off implementation in January 2010, QuIC's Solvency II Solution will be executed in phases, which are aligned to FSA dry run dates and deliverables. Lloyd's and QuIC expect the solution to be fully live prior to the 2012 deadline.