Our client uses Psicle as a true end-to-end modelling solution.
Our client’s policy administration systems are integrated with Psicle, so data is pulled from them and processed directly. The processed data is then fed in to their reserving, technical provisions and standard formula calculations, and the Solvency II QRTs and their general ledger are then automatically populated with the results. This industrialisation means there is no break in the chain of custody of data, saving our client time and reducing the risk of human error.
Multiple users can work on our client’s model at the same time, with the design preventing contradicting changes and informing users how the model is being edited and run by others. This structure means that there is always one version of the truth. Currently the reserving and capital teams both use the same Psicle model and our client plans to extend this to the claims and finance teams.
As well as calculating the standard formula, this client has a pre-existing capital model and we are expanding their model to integrate the capital model so that it can be operated by Psicle, with the output automatically fed back-in.