The EU Solvency II directive is more than a technical change to the way in which insurers’ capital requirements will be calculated. The extent and scope of the Solvency II directive also affects all operations that are at the heart of the insurance business: pricing, underwriting, assessment, risk management, assets management, internal and external reporting, and more.

Milliman is ideally placed to help your business successfully manage Solvency II implementation.

Software solutions

Milliman has designed and developed a software package suite—Milliman Solvency II Analysis and Reporting Solutions (Milliman STAR Solutions®)—that is compatible with all actuarial and data systems. Milliman STAR Solutions will help insurers with:

• Standard Formula SCR calculation and analysis
• Quantitative Reporting Templates (QRTs)
• Enterprise risk management
• Capital allocation
• Estimation methods for solvency indicators

The STAR Solutions suite offers two products, VEGA® and NAVI®.

VEGA is a multi-user, multi-site tool for the production of the Standard Formula SCR. NAVI is a powerful software solution with modelling techniques that help insurance companies reduce risk calculation time and fully understand their risk exposure.

The Solvency II Readiness Assessment Tool is an easy-to-use reference tool with automatic links to the latest Solvency II regulations. It provides a clear view of the status of an organisation’s Solvency II project, including a separate assessment of readiness for both the Interim Measures and full Solvency II implementation, and enables benchmarking against industry best practices.