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SecondFloor today announced the launch of its free Solvency II SCR & QRT Calculator, the SII Standard Formula quality control tool that draws on the experience of SecondFloor’s SII solution implementations across Europe.
Insurers are looking for confidence in their SII Standard Formula submissions. They have invested in identifying and locating the required input data. Many have built or implemented calculation and reporting tools. These are now being put to the test as part of dry runs.
“If you’ve already put a tool in place you need to validate it.” said Emmanuel Noblet, Executive Director at SecondFloor. “If you haven’t, you need a starting point to help direct your efforts. Either way, you need something that helps you see where errors can creep in to your results.” added Noblet.
SecondFloor’s Solvency II SCR & QRT Calculator includes 750 validation checks that highlight errors in the logic of the input data or results. This makes the calculator ideal for checking the numbers being generated by a solution that is in place. It also provides a starter solution that will help insurers work towards getting the numbers right first time. Its navigation features make it easy to follow or explain to those people who are not into the detail and meaning of the numbers.
“Our experience is that most firms now have access to much solvency data. Their SII processes will determine what is done with that data and whether the right data is used in the right way to get the right results. Success is not about performing the standard calculations, it’s about avoiding mistakes.” concluded Noblet.
SecondFloor’s Solvency II SCR & QRT calculator is available free online. It comes in Microsoft® Excel format with instructions. The calculator will bring value to insurers who seek confidence in the data they have gathered and a quality check of the way in which it is being used as part of their SII operations.
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