General description of system
Our core modelling platform - the Barrie & Hibbert Economic Scenario Generator (ESG) - drives the framework that allows firms to measure and manage risk, by projecting a large number of forward-looking scenarios for a wide range of economic and financial risk-factors.
These scenarios allow you to investigate the impact upon your business across a range of possible outcomes.
Designed for both life and general insurance companies, our modelling platform gives actuaries, risk managers and finance managers a common integrated framework for developing economic scenarios.
Barrie & Hibbert scenarios have been regularly used by most of the large global insurers over the last decade and are increasingly being used by pension funds and asset managers keen to understand and manage their market risks.
Our scenarios describe plausible paths of economic variables that are related in an economically coherent way allowing complex interactions between assets. This gives decision makers at all levels, and across all functions, a shared and economically consistent view of the risk scenarios that affect their business.
Functions performed
The Barrie & Hibbert framework can be used to meet a wide range of business needs and is being used for market-consistent and real world valuations, economic and regulatory capital assessment, capital management, hedging strategy, product pricing, strategic planning and product design.
Specific Solvency II Features
The Barrie & Hibbert ESG is a multi-period, multi-risk factor model provides a consistent framework for use across multiple applications such as market consistent valuation of technical provisions and the one-year real world projection required for calculating the SCR. The ESG includes a variety of modelling options from the simple and easy to understand to the cutting edge risk factor models that may be required for certain risk profiles allowing users to choose the appropriate level of sophistication. The ESG and associated calibration services cover a broad coverage of applications, asset classes and economies.
Solvency II means that it is more important than ever that users can demonstrate understanding of their ESG and ownership of the key assumptions. Both the ESG software and our calibration services come with comprehensive documentation and training targeted at different levels from the CRO to technical expert users. The ESG also gives full user control of risk factor structure and parameter values so that users can test sensitivities and own key assumptions.
The ESG includes flexible output formats and API functionality to allow easy integration with ALM and ERM software. It also offers a range of multi-core and grid processing options to help with ever more onerous reporting deadlines.
Specifications
- Easy-to-install desktop application.
- Easy-to-use interface.
- Configurable outputs enable easy integration with Excel and existing ALM/valuation software.
- All model parameters can be set by the user or by loading our standard quarterly calibrations.
- Choice of models available.
- All functionality accessible programmatically via an API.
- Fast simulations as standard using multi-processors where available.
- Can be deployed to a Grid (Digipede or Datasynapse) to achieve faster simulations.
- Fully documented and supported by experts.
Licensing/sales/support
Available by annual subscription covering full technical support, training, quarterly calibrations, free upgrades and access to our knowledge base which gives full details of our models and methods.
Barrie & Hibbert also has a wide range of other services available including: bespoke calibrations, calibration tools, liquidity premium estimation, consultancy on variance reduction techniques, pension modelling, variable annuity pricing and hedging strategies, product risk and asset allocation services.
Types of user
The majority are insurance companies (life and property & casualty) but increasingly pension funds and asset managers, with the software typically run by actuaries or technical risk managers.
Areas/countries with the most users
Barrie & Hibbert is a global company; in addition to our Edinburgh headquarters we have offices in London, New York and Hong Kong to support clients locally.
Contact persons and details
EMEA:
Contact: Shailendra Jain
Tel: +852-3101 7561
Email: shailendra.jain@barrhibb.com
Americas:
Contact: Vall Herard
Tel: +1 646-512-5750
Email: vall.herard@barrhibb.com
Asia Pacific:
Contact: Shailendra Jain
Tel: +852-3101 7561
Email: shailendra.jain@barrhibb.com
