23 February 2010
Published in: Software
Algorithmics plans system enhancements
Algorithmics, the software vendor headquartered in Toronto, is planning a number of enhancements to its systems later this year, according to Curt Burmeister, vice president, risk solutions.
First up will be the addition of the Solvency II standard formula into the company's Algo Risk Solvency II solution, scheduled for the second quarter of this year.
Although the company's major clients are large firms such as Allianz, ING, Munich Re, Aegon and Pacific Life, all firms, even if they are approved by regulators for an internal model, will be required to run the standard formula alongside their own model for two years after the directive comes into force.
Traditionally a Unix shop, Algo introduced support for Linux in 2004 and for Solaris three years later. Now Algo Risk will also be supporting Windows on servers with Intel/AMD processors from the second quarter. "The main benefits that clients get by moving to smaller Intel-based servers are lower costs, increased scalability and increased performance," explained Burmeister.
Come the third quarter, Algo will be launching a replicating portfolio version of the firm's managed service, called Algo Risk Service, and is already talking to a couple of companies about this, according to Burmeister.
Also in the same period, Burmeister said Algorithmics will significantly enhance its current capabilities for allocating capital/risk aggregation.