The Solvency II Technical Provisions (TPs) represents a logistical challenge. The calculations themselves are not overly complex. However dealing with data from multiple sources, generating large volumes of data and the extensive reporting requirements under increasingly more constrained timeframes put enormous pressure on teams that operate models in more ad-hoc environments.
With shortening regulatory deadlines and an increasing volume of modelling work (for example, with the introduction of IFRS 17), we are seeing the market increasingly look to technology to industrialise its business-critical financial models. Psicle’s automation of Solvency II models converts the TP calculation from a fragile, time consuming and opaque task to an automated, repeatable and auditable process, running in seconds rather than days.
See our SII Technical Provisions Factsheet and Case Studies for more information on our Standard Formula offering.