Senior Actuarial and Banking Professionals Establish SolveXia

Three former directors of international insurance software and investment banking organisations have established a company to provide the first and only risk management solution specifically developed for the insurance industry and offered on a Software as a Service (SaaS) basis. SolveXia has been founded by Mark Schneider and Martin Sher, who were previously responsible for the development and marketing of a financial modelling system now used by over 300 institutional clients worldwide, together with Jonathan Glass, a former managing director at JPMorgan.

The new company will provide software, services and information enabling organisations to meet evolving risk management requirements cost-effectively by using its web-based platform.

This platform utilises SolveXia’s own analytics framework that has been developed to be exceptionally flexible and to ensure users can easily build even the most complex models without the aid of skilled programmers. It has been designed to allow clients to use an everexpanding range of financial services tools developed both by SolveXia and third parties and, because the platform is able to take advantage of the most recent availability of vast computing power, it has virtually unlimited scalability and data storage capacity.

The SolveXia portal has been built from the ground up, using the latest technologies and observing leading industry standards in security and management controls. Since the portal is an internet-based, SaaS offering, insurance companies will enjoy the significant benefits of no up-front license fee and no need for complicated and expensive hardware installations, making it particularly attractive to smaller firms currently excluded from other risk management systems. Instead, companies will pay only for what they use and will require nothing more than an internet browser. The portal will have both multi-lingual and multi-currency capabilities which will be readily inter-changeable, rendering the system highly valuable to multi-nationals that require global aggregation of results.

SolveXia is also developing a suite of applications designed to meet actuarial requirements into the future. They are: Asset and Liability Simulation; Portfolio Optimisation; Replicated Portfolios; Solvency ll Risk Aggregator; and an application that will enable companies to continue to run their existing projection systems, but now hosted by SolveXia and leveraging the power and scalability of the new portal. Since the applications all share the same architecture, companies have the choice either to migrate all their analytics to the new portal immediately or to do so incrementally.

In addition to comprehensive implementation, training, maintenance and help desk support, SolveXia will provide a wide range of specialist services. These will include the configuration of highly customised applications and the management of other in-house projects as well as advice on the implementation of Solvency ll solutions.

Commenting on the formation of SolveXia, Martin Sher says: “SolveXia’s offering is sophisticated but accessible, as suited to small insurance firms as to the multi-nationals. Currently, there is no other system available which can provide a virtually infinite capacity able to meet increasing regulatory requirements and without the need for substantial up-front investment”.