Barnett Waddingham has launched ‘SIIMPLIFY' which will allow companies to calculate standard formula capital requirements for Solvency II.
SIIMPLIFY is excel based and has been launched ahead of the Solvency II which will be implemented on 1 January 2016.
It is designed to be quick, easy-to-use, robust and produce numbers in a standard reporting format as well reducing reliance on actuarial resources.
SIIMPLIFY is also designed to display information numerically and graphically to help with understanding the data as well as using it for risk management, decision making and capital optimisation among other uses.
Kim Durniat, partner at Barnett Waddingham said: "With Solvency II coming into force on 1 January 2016, firms need to have an efficient year-end regulatory process that has a good structure and meets all the requirements so that the transition from Solvency I to II will be a smooth one.
"SIIMPLIFY allows insurance firms to position themselves well to comply with Solvency II requirements and enables them to quickly and easily calculate capital levels and meet reporting requirements with minimal hassle. It will also provide a solution to integrate capital management and risk management, enabling the embedding of SII. "
