Insurance actuarial consultancy, Barnett Waddingham, has launched an Excel-based calculator called SIIMPLIFY to help insurance firms get their systems in place ahead of the Solvency II implementation date of 1 January 2016.

The consultancy said SIIMPLIFY produces numbers in a standard reporting format, whilst also enabling firms to have less reliance on actuarial resources.

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Barnett Waddingham added that findings can be presented numerically as well as graphically to help firms with capital optimisation and embedding risk management.

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

 

 

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