Digital Tools
Digital Tools for insurance and pension
Actuo’s core strength lies in our advanced digital tools for the insurance and pension sector. These tools simplify and streamline compliance and reporting requirements while giving users full control, historical insight, and complete transparency.
Our digital tools have been built to accommodate international financial reporting standards as well as to assist the business development process. Behind the technology stands our team of industry experts, ensuring each solution is implemented effectively and delivers lasting value to our clients.
Below, you can find descriptions of each tool.
Solvency II
Our Solvency II standard solution can be implemented for one or more of the Solvency II pillars. Since automatic dataflow between the pillars is a key feature, the most common choice among our clients is to use the solution for all three pillars.
With our team you get professional Solvency II consultancy and IT assistance – from basic support to full business process outsourcing. The installation can be hosted on-premises by the client or in the cloud.
The platform gives you:
- A fully Solvency II compliant, open-source platform with auditability and traceability
- Formula and data history storage, including system roll back/forward functionality
- Flexible data formats, incl. spreadsheet uploads and database integrations
- Automation scripts to perform manual steps
- Customizable dashboard and workflows
- Comprehensive data sourcing guidelines and model descriptions
- No control gaps and full data lineage from Pillar I to Pillar III and XBRL
IORP II
Our IORP II solution is an EIOPA compliant reporting tool with clear traceability and XBRL validations. The solution is continuously maintained by Actuo. We ensure timely updates that keep clients fully compliant and prepared for upcoming reporting cycles by tracking new requirements through EIOPA’s website, communications, and webinars.
We also stay alert to changes from related EU bodies such as the EU Commission, ISO, and the ECB.
Main benefits
- Quarterly and Annual EIOPA QRTs
- ECB add-ons
- Validations and XBRL
- Asset summary report
- Data history and deltas
- Re-reporting functionalities
Compliant with EIOPA
The IORPII Engine produces and maintains the following reports:
- QRTs – quarterly & annual
- QRTs – solo & group
- ECB reports
- National specific templates
- Customer specific templates
Stress Test & Scenario Analysis
Our Scenario Analysis Tool gives you the possibility to analyze adverse effects on your SCR, MCR, and Eligible Own Funds.
Our capabilities include scenario analysis (with one or more scenarios), reverse stress test, forecasting (with one or more scenarios) and specialist consultants.
Reverse Stress Testing
By defining the target, e.g. SII ratio, setting the target range, e.g. 100% and 150%, and the upper and lower bounds, you can use the built-in goal seek functionality to test the company’s sensitivity to market changes, business development changes, claims changes, etc. You will have access to the same range of pre-defined scenarios used for other scenario analysis tools.
- Sensitivity analysis of your asset portfolio
- GWP increases
- Changes to claims incurred
- Reinsurance counterparty assessment (default)
- Sensitivity to additional windstorms, floods, or other CAT risks
Pre-defined Scenarios
The SII Engine Scenario Analysis Tool provides a wide range of pre-defined scenarios:
- Assets (shocks to bonds, equities, etc. and/or ratings, countries, currency, large loss(es) etc.)
- Premiums (NL premiums increase/decrease, adding a new LoB, etc.)
- Reserves (changes to claims – and/or premium provisions, adding a new LoB, etc.)
- CAT risk (Natural CAT and Man-made CAT)
- Re-insurance counterparty rating
- EIOPA model parameters (shocks, correlations, etc.)
- Yield curve changes
- Composite scenarios