Building on its proven track record with leading insurers, Algorithmics announced today the launch of two new editions of its award-winning Solvency II solution that are designed to meet the precise requirements of the whole insurance market.
Insurers can now choose from abroad range of solutions designed to meet their specific requirements for calculation of solvency capital, governance and reporting depending on their size, and desired level of sophistication.
The preferred choice of two thirds of the members of the CRO Forum, Algorithmics' current Economic Capital and Solvency II solution delivers a 'best practice' solution for Solvency II, built from working with leading insurers. The experience built up in these engagements, together with Algorithmics' extensive actuarial modelling expertise of Algo Financial Modeler (formerly VIPitech), is now being offered in two new editions for the broader insurance market.
Curt Burmeister, Vice President of Risk Solutions at Algorithmics, said: "This represents another major development of our Economic Capital and Solvency II solution, setting Algorithmics apart from everyone else in the market as capable of delivering the solution that best meets the needs of each and every insurance firm. Built on the success of our flagship Enterprise Edition, the two new editions introduce pre-configured capability designed to give clients more confidence in meeting their regulatory deadline under Solvency II. It also gives them the ability to scale up across the range of editions at any time to take advantage of more analytical power and greater robustness as future growth demands."
The three editions of Algorithmics' Economic Capital and Solvency II solution are:
• Compliance and Reporting Edition
• Standard Edition
• Enterprise Edition
Each edition is designed to be a complete end-to-end solution that covers the three pillars of Solvency II. Features that are core to each include analytics, governance and reporting, with varying degrees of complexity to match the different requirements across the breadth of the insurance industry. If insurers need to deal with greater complexity, for example, in changnging from applying standard formula to building internal models, there is also a clear migration path to more powerful editions, which is designed to 'future proof' the solution, An active user group of development partners will also help clients to adapt to regulatory changes.
Dr Andrew Aziz, Executive Vice President of Risk Solutions at Algorithmics, added: "I know that our Solvency II solution, with each of its editions specifically designed to target different needs within the insurance market, will become the industry standard for Solvency II. For insurers concerned that they are behind with their Solvency II programs, these editions provide pre-configured solutions, built on existing industry best practices, which lower project risk and give our clients a valuable lifeline to help them hit looming Solvency II deadlines. Looking to the future, the migration path between the editions ensures that clients may 'think big but start small' - by providing them with the ability to step up a level to the other more powerful options available."