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 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 modeling techniques that help insurance companies reduce risk calculation time and fully understand their risk exposure.