Intuitive Collaboration - PillarOne
General description of system
PillarOne is an enterprise-strength, open-source actuarial platform: www.pillarone.org. Munich Re is sponsor and initiator of the PillarOne Project: http://www.munichre.com/en/ts/solvency_ii/solutions/default.aspx.
Applications built on PillarOne, i.e. models run on PillarOne, can be
- deterministic or stochastic
- structured hierarchically
- shared among the users within a department or company.
The platform provides for all models data annotation features which are the basis of process support.
All PillarOne applications can be run in stand-alone mode or in a client-server setting. To the best of our knowledge PillarOne is the only actuarial or risk management platform which provides this feature.
The results are fully auditable.
Functions performed
- capital management: rich component library to build partial and internal models for Solvency II and Swiss Solvency Test. Template models provided as a basis to build client-specific models
- reinsurance modelling: detailed component library, including counter-party risk model, correct (not approximated) modelling of surplus reinsurance, multi-line reinsurance
- reserving: support for very flexible data segmentation and data diagnostics, powerful, yet simple way to define composite projection methods
- profit testing: first component library and a template model to be released end of August 2009
Component libraries in preparation:
- for EV calculation
- for ALM
PillarOne is designed from the ground up to cover the whole ERM spectrum for re/insurance companies and its consulting sector.
Specific Solvency II features
- calendar year reserve volatility which is provided by PillarOne.reserving is a required input for Solvency capital models.
- not only is the software open source and thus any user can inspect the applied algorithms; we also deliver all the test cases which is of particular importance because partial and internal models need to be certified.
This openness not only reduces the cost of certification, but also increases the quality.
Specifications
The platform guarantees that all PillarOne models/applications
- run on Microsoft and Unix/linux operating systems; even in mixed forms (client Microsoft, server Unix/linux).
- can be deployed as stand-alone or as multi-user, client-server applications
- run with any enterprise-strength database product (Oracle, DB2, SQL Server, MySQL, etc.)
- are auditable (if deployed in client-server mode)
- are fully testable.
The platform provides
- a simulation engine
- a reporting engine (pdf, hmtl and Excel output possible)
- data versioning
- a plug-in mechanism to extend the platform
- authorization and authentication (LDAP integration)
- scalability.
All PillarOne applications
- come with an automatically generated default GUI which allows the modeller to focus on the business logic
- come with a tabular and a graphical, interactive data browser. Sophisticated queries can be executed without SQL know-how.
- data import and export
- provide copy-paste interaction with MS Office
- can be augmented with meta-data such as comments and tags to support collaboration and processes.
PillarOne is fully extensible because
- everything is open, not only APIs
- it is very modular (business logic is put into components, and components talk to each other by sending packets).
- it is strongly typed and new types and objects can be easily added.
PillarOne is built on top of a standard Java enterprise application stack with the advantage that
- it can be integrated in almost any IT infrastructure
- it uses well known standards for deployment; aglobal deployment typically takes less than an hour
- standard security measures can be applied
- standard scaling approaches can be applied
- a large IT service community exists
Licensing/sales/support
- PillarOne is licensed under the GPL open source licence.
- maintenance, training and support are offered by Intuitive Collaboration, as well as other professional service firms.
- upgrade schedules (minor and major) are published on the pillarone.org website
- users and other service providers don't need a consulting relationship with Intuitive Collaboration, the company which is the major driver behind PillarOne.
Types of user
Actuarial consultants
- general insurance with a focus on risk capital modelling, in particular Solvency II partial or internal models
- reserving
Reinsurer
- department solvency consulting: reinsurance evaluations for clients with a view on capital relief under Solvency II
Life insurance company
- actuary performing cashflow projections, profit testing and reinsurance optimisation
Insurance-linked securities firm
- risk management department: risk aggregation and risk reporting
- portfolio managers: return simulations
Areas/countries with the most users
Europe
Contact person and details
For architecture documentation, or roadmap, etc, please contact:
Markus Stricker
Managing Director
Intuitive Collaboration GmbH
Seestrasse 16
CH-8712 Staefa
Switzerland
markus.stricker@intuitive-collaboration.com
Office: +41 44 500 49 80
Mobile: +41 76 423 26 67
www.pillarone.org