General description of system
The SolveXia platform is a "software as a service" web-based offering that allows users to automate the "end-to-end" processing of their risk analytics including Excel steps, execution of existing actuarial systems and other analytics such as replicated portfolios and risk aggregation. Unlike other product vendors who promote their own proprietary actuarial and risk analytics tools, the SolveXia platform allows users to run their own choice of tools from multiple providers that best meet their Solvency II pillar I requirements without lock-in to a single vendor.
The platform offers a consistent, controlled and automated enterprise environment that provides access to virtually unlimited computing power in secure data centres to meet client hardware requirements. Coupled with the results warehouse and risk dashboard reporting capabilities, the solution supports companies in meeting Solvency II pillars II & III requirements.
The platform embeds the proprietary SolveXian analytic framework which allows users to specify the process inputs and outputs. This drives the user interface, data storage and the linking of analytic tools within the single process workflow.
The general purpose technology is equally applicable in other financial services sectors and for functions such as finance departments. It is suitable for almost any user of high-end analytic tools requiring significant processing power on a non-continuous basis and workflow automation.
Functions performed
The SolveXia platform is used to define, host and automate the execution of virtually any analytic process from within a web-based, consistent and configurable user portal. The platform provides full audit and control capability coupled with the flexibility and scalability offered by cloud computing resources.
The initial insurance-focused applications operating on the platform allow users to integrate Excel data input, data manipulation (including in Access, FoxPro, SQL Server, XML and text files), reporting tasks and the running of existing actuarial projection systems with multiple third-party asset and liability engines, portfolio-optimization engines and risk-aggregation tools.
The forthcoming risk aggregator and risk dashboard provide consistent and integrated reporting and analysis across all financial and risk reporting.
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:
- The workflow automation offers a controlled and auditable environment for the regular and prompt execution of "end-to-end" processes including those using Excel
- Hosting and running existing actuarial projection systems
- Risk 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 offer 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 standard solution delivered via a browser with no client or user installation. The solution is hosted by SolveXia cloud computing partners such as GoGrid (from ServePath).
In-house installation is also available.
Licensing/sales/support
Licensing is on a "software as a service" usage basis with no up-front software licensing and hardware purchase costs.
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:
- Administrative user: can create users, assign rights, view usage etc
- Technical user: can configure workflows, data inputs, reporting outputs and analytic calculations
- End user: can upload data, execute workflows and view results
- Risk analytics consumer: has "read only" access to derived results through the risk dashboard.
Areas/countries with the most users
SolveXia is a new application and will be undergoing client user testing in Q3 2009. The first production release is due early in Q4 2009.
Contact person and details
Mark Schneider
Suite 1501, Level 15
Westfield Tower 2
101 Grafton Street
Bondi Junction
NSW 2022
Australia
[email protected]