Support for Solvency II Engine and Reporting module
This module is based on Asseco’s SII Engine product. SII Engine is a solution dedicated to solving SCR calculations and QRT Reporting co-existing with already implemented source and operational systems, data repositories, analytical tools, BI and reporting systems i.e. it co-exists with the application landscape, which our clients have already invested in.
SII Engine has been developed “ground up” as a Solvency II solution based solely on EIOPA technical specifications, guidelines and templates. SII Engine has no “legacy” background from other regulatory regimes like e.g. Basel II as many other solutions from Solvency II vendors have.
SCR Calculation Engine
SII Engine calculates the standard formula SCR and MCR. The automated calculation of the SCR and MCR is in full compliance with the international requirements for Solvency II and is based on calculation models, which have been validated in more than 50 QIS5 test calculations.
Furthermore, the SII Engine is:
- Fully configurable for the company's Finance, Actuary and / or Risk Management Department
- Providing full traceability and fully meets EIOPA’s requirements. All manual entries and automated data input has a comprehensive audit trail and the same goes for changes to data, results, parameters and formulas
- Providing enhanced opportunities for simulations as well as stress and sensitivity analyzes with full transparency and traceability
The solution covers both the asset and liabilities side and gives insurance companies the benefits of a standard system and at the same time provides end users with flexibility in relation to changing / configuration of data input, calculation formulas, results which do not exist in similar systems. Stress tests and simulations are available in a simple and intuitive manner for end users, who are now accustomed to working with risk management and insurance analysis.
The 63 QRTs Out-of-the-Box
The SII Engine has all 63 Quantitative Reporting Templates (QRT) fully implemented in accordance with EIOPAs requirements.
The 63 QRTs is ready for production and all data input from SCR calculations are made available automatically to the SII Engines reporting system. All the data input, which does not originate from SCR calculations are documented in the solution. This means that you as a customer have an accurate overview of what data you must make available to get a full EIOPA reporting. Data input can be provided manually or by uploading Microsoft Excel spreadsheets or alternatively the solution can be set up to receive automated data flow from the company's actuarial kernels, Data Warehouse, or support systems. The company can also choose to have third party providers be the source of data input, e.g. suppliers of financial data, asset management partners or the like.