Digital Tools for insurance and pension
Calculation and reporting technology for the insurance and pension sector to automate compliance and reporting requirements, and give users full control, history, and transparency.
Actuo’s core element consists of our specialized team of industry experts. However, we also have a unique software suite for the insurance and pension sector, which supports our team in their deliveries to our clients. Our digital tools have been built to accommodate international financial reporting standards as well as to assist the business development process, and below you can find descriptions of each tool.
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 3 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 by the client on premise or in the cloud.
The platform gives you
- A fully Solvency II compliant platform with audibility and traceability
- Historical formulas and data storage, including restore functionality
- Flexible data format, 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
With our digital tool for IFRS17 reporting, your IFRS 17 implementation can be developed in an effective, lean and iterative way, minimizing the risk of investing in systems and developments that are unnecessary. The goal is to keep it as simple as possible, and not add unnecessary complexity.
With deep knowledge and experience of the Solvency II implementation, and how to develop an end-to-end solution for this, we now deliver the same advantages, principles, and technology foundation for your IFRS 17 implementation.
We recommend an approach where data, calculations and reports are built in an integrated, controlled, and audited environment, for an agile and end-to-end IFRS 17 process.
Integration & Control
The integration process will focus on connecting current client solutions, such as a Stochastic Calculation Tool, DWH, General Ledger system etc., and implement an IFRS 17 Data Mart that will collect and distribute data between back-end systems calculation tools and reporting solutions.
The key is to set up the client specific parameters and calculation rules, in a controlled environment, so users and stakeholders of reporting can easily understand the actions and data that their results are based on.
Our IORP II solution is an EIOPA compliant reporting tool with clear traceability and XBRL validations. The solution is continuously maintained by Actuo, who monitors EIOPA and delivers regulatory compliant upgrades of the solution, ensuring that clients stay compliant.
The platform supports +100 companies across 13 different EU countries.
You can create new reports or calculations/formulas for any purpose; the solution is not limited to IORP II reporting. For any standard report used internally or externally the report can be added to the monthly/quarterly/annual reporting process.
- Quaterly and Annual EIOPA QRTs
- ECB add-ons
- Validations and XBRL
- Asset summary reports
- Data history and history deltas
- Re-reporting functionalities
Produces and maintains the following reports
- QRT quarterly & annual
- QRT solo entity & 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.
Moreover, our Scenario Analysis Tool holds the following additional features and benefits:
- +50 default scenarios
- Legal compliance
- Reduced risk of differences in Solvency calculations
- Opportunity for custom built scenarios.
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 as the ones used for other scenario analysis.
- Sensitivity analysis on your Asset portfolio
- GWP increase
- Changes to claims incurred
- Reinsurance Counterparty default
- Sensitivity to additional windstorms, flood or other CAT risks
The SII Engine Scenario Analysis Tool give you access to a range of pre-defined scenarios:
- Asset (shocks to bonds, equities, etc. and/or ratings, countries, currency, large loss 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
BRDX & Claims Management
This solution is intended for managing and processing bordereaux & claims data, by validating and consolidating, for increased quality and control of your risk and claims management. The solution can be used for 2 cases:
- Insurance Companies/Consortia of Insurance Companies fronting on behalf of a Captive Reinsurance Company.
- Agents or Coverholders entering into insurance contracts on behalf of the Insurance Company/Risk Carrier.
With a vast amount of different data, collected from different internal/external sources, the Aggregation Engine can validate, consolidate and produce master bordereaux and templates/reports in an automated and controlled environment.
For the operations of managing BRDX & Claims Data, the solution will deliver an increase in quality, control, speed and precision of your claims management and closing process.
We also offer to set up a customized BRDX Portal on behalf of the clients, where the Fronting Companies and/or agents/coverholders can upload and have their claims information and bordereaux validated, accepted and/or rejected (based on e.g. commonly agreed rules from the Delegated Authority Agreement).
The Portal can secure fast and transparent communication and data management between the parties and create a controlled data process when receiving/delivering large data templates.