SolveXia's unique response to regulatory change in the insurance sector

Insurance regulators continue to drive the industry towards an approach that will satisfy their demand for more statistically meaningful results. This inevitably requires a many-fold increase in the capacity to handle more data, more rapidly and to disseminate the results more efficiently. The solution to this problem will be found through innovation and creative thinking and by leveraging companies’ existing investments in their actuarial systems and tools.

SolveXia’s approach is to offer a solution that can provide the much needed additional functionality by wrapping existing actuarial projection systems and providing the ability to continue to use existing spreadsheets, databases, data conversion tools and reports. Capacity constraints can be eliminated by the use of cloud computing resources as the SolveXia approach offers virtually limitless processing power at a fraction of the time or cost associated with the traditional purchase, installation and maintenance of enterprise hosted hardware and software.

SolveXia’s web-based offering enables insurance companies, irrespective of their size, to comply with the demands of regulators by gaining easy access to high-end analytics, extensive computing power and with the appropriate levels of automation, access and control. SolveXia’s solution satisfies all of these pre-conditions by being specifically designed for insurers looking to augment their existing financial modelling systems to meet management demands and regulatory requirements.

The initial insurance-focused applications operating on the platform allow users to integrate Excel data input, perform data manipulation (including data in Access, FoxPro, SQL Server, XML and all text files), reporting tasks and run existing actuarial projection, asset and liability, portfolio optimisation and risk aggregation systems.
The forthcoming risk aggregator and risk dashboard provide consistent and integrated reporting and analysis across all financial and risk reporting functions.

specific solvency ii features

The automation, audit, control and access to almost unlimited computing power provide insurers aiming to meet the demands of Solvency II and other regulations to do so in a cost-effective, incremental and non-disruptive manner. Features include:

• Workflow automation that offers a controlled and easily audited environment for the regular and prompt execution of “end-to-end” processes.
• Hosting and running existing actuarial projection systems.
• Use of existing spreadsheets but automated and with full audit control over changes.
• Risk dashboard to report and analyse results. The web-based interface allows all stakeholders to view and drill down into results as required.
• Cloud computing resources that offer incomparable access to flexible, robust and scalable processing capacity.
• Company-defined access rights for the separation of duties.
• Centralised storage for the secure collection and dissemination of data to and from geographically diverse business units.