General description of system
SolveXia offers a web-based system that enables organizations to rapidly automate manual financial processes. Users of the software can create projects comprising both simple and complex processes that include any number of steps. The process is automatically documented and any changes to the process itself or the underlying, associated data become part of a complete audit trail.
The SolveXia platform makes it possible to aggregate data from different sources, convert data into a number of different formats and significantly enhance workflow management. The system also makes it possible to automate the transmission of e-mails or text messages in response to a warning or simply to communicate the status of a process. The system provides almost unlimited storage and calculation capacity without requiring the user to purchase any computer hardware.
SolveXia's system is well suited to corporations that are looking to mitigate operational risk. Introducing SolveXia's solution is quick, causes minimal disruption and does not require clients to change the tools they use and like to use. Current systems and processes can be individually automated, replaced or augmented, obviating the need for a "big bang" approach and providing unprecedented control. Data cleansing and the formulation of a transparent, well-ordered process are automatic by-products of the SolveXia solution, enabling users to easily sequence operations, concentrate on content rather than process and engage in more value-added work. A brief glance at the steps in a process enables a manager to make informed decisions or redesign previously opaque, complex processes.
Users of SolveXia's software do not need to be skilled programmers. The SolveXia approach enables companies to continue to use flexible tools such as Excel while automating their manual, often tedious tasks. SolveXia targets processes that would otherwise need to be automated through the use of expensive and complex middleware tools or through the creation of a customized solution. SolveXia's solution makes it possible to cut down processing time from days to minutes. Parameters that impact an entire process can be frequently varied and "what if" scenarios frequently tested. Users have reported a shift in the culture of their groups away from data manipulation and towards deeper, meaningful analysis of results. Inevitable human error risk associated with manual work is reduced and key person dependency is largely eliminated as automation transfers ownership of the process from a subject-matter expert to the organization.
Specific Solvency II features
The SolveXia platform provides access to a wide range of analytic tools to meet pillar I modelling requirements and the infrastructure and reporting requirements of pillars II & III through the following key features:
- Workflow automation within a controlled and auditable environment for the regular and prompt execution of "end-to-end" processes
- Hosting and running of existing actuarial projection systems
- A dashboard to report and analyze results: the web-based interface allows all stakeholders to view and drill down into results as appropriate
- Cloud computing resources that provide access to flexible, robust and scalable processing resources as required
- Company-defined access rights for the separation of duties
- Centralized storage for the secure collection and dissemination of data to and from geographically diverse business units.
Specifications
The SolveXia solution is delivered via a browser with no client or user installation. The solution is hosted by SolveXia's cloud computing partners including GoGrid from ServePath.
In-house installation is also available.
Licensing/sales/support
Licensing is on a "software-as-a-service" basis. There are no costs associated with up-front software licensing or hardware purchases.
System configuration and system integration services are available from SolveXia and its partners.
Types of user
The system provides functionality according to the following standard user types:
- company administrator: can create users, assign rights and view usage
- process designer: can design and build the steps that make up a process and can configure workflows, data inputs, reporting outputs and analytic calculations
- end user: can upload data, execute workflows and view results
Areas/countries with the most users
SolveXia is a new application that is gaining traction in Australia, London and Hong Kong.
Contact person and details
Mark Schneider
Suite 1506, Level 15
Westfield Tower 2
101 Grafton Street
Bondi Junction
NSW 2022
Australia