Barnett Waddingham launches Solvency II solution

Insurance actuarial consultancy Barnett Waddingham has launched a new solution that enables insurance firms to calculate Solvency II standard formula capital requirements for their business.

Siimplify is Excel based and has been launched by Barnett Waddingham to help insurance firms get their systems in place ahead of the Solvency II January 1 2016 implementation date.

Kim Durniat, partner at Barnett Waddingham, said: “With Solvency II (SII) coming into force on  January 1, 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.”