Actuo - Actuo SII Engine
Type of system
- Analytics
- Asset/liability management
- Capital modelling
- Catastrophe modelling
- Governance, risk, compliance (GRC)
- Solvency II solution
- Spreadsheet risk management
- Stress and scenario testing
Type of platform
- Cloud
- SaaS
- Server-based
- Web-based
Other features
- Curve-fitting
- Replicating portfolios
- Solvency II internal model
- Solvency II standard formula
Has the product an open API? Yes / No?
Yes, it is possible to interact with the application through REST API using standard REST API clients such as Excel Power Query. Results can be extracted, and data can be uploaded through this to obtain efficient data integration and to automise data processes and analysis.
What are the typical implementation costs for your product?
As we support different implementation models, the price differs within these.
Basic installation is typically included in the contract, as well as a number of workshops to train company staff in using the software and to do test calculations. We support all three pillars of Solvency II, as well as internal models, group setup and RFFs/contribution groups, but the more complexity added the higher implementation cost must be expected.
For a recent with on-premise hosting, implementation costs summed to around €1.500. For the largest, most complex customer implementation we had, the cost added to around €50,000 and included full data integration, ETL work, closing of data gaps and IT infrastructure tasks.
How long does your product take to implement on site?
Basic installation – ready to use with excel templates – 2 days
With system-to-system integrations and ETL it depends on the complexity of the company infrastructure. Here implementation time has been up to 3-4 months.
National specific modules and adjustments, such as tax models, Lloyds syndicate templates, Danish contribution groups and FOEL scenarios, Norwegian standard formula changes, Italian IVASS ad-hoc reporting, and Romanian Annex II risk indicators are covered by the solution, and additional national specific modules are developed as needed.
SII Engine also includes a Solvency Analysis Tool for scenario analysis, reverse stress tests and forecasting. The current 55 different scenario types are ready-to-use from installation. New scenarios can be built within days by request.
SII Engine is audit certificated from a ‘big four’ auditor. With this certificate proving that the software calculates as required from EIOPA, customers can cut time and money spent on external auditors, which in the end also will shorten the implementation time.
Please name companies that use the system/product
Among our 100+ references are Alm. Brand, Mandatum Life, Pohjantähti, Modra Zavarovalnica, PenSam, Sampo Group, INVL Life, Dynamis Insurance, EXIM România, and Landkreditt.
Product summary: Please summarise your product’s key points for re/insurers in no more than 100 words.
Our Solvency II standard solution can be implemented for one or more of the Solvency II pillars. Since automatic dataflow between the pillars is a key feature, the most common choice among our clients is to use the solution for all three pillars.
With our team you get professional Solvency II consultancy and IT assistance – from basic support to full business process outsourcing. The installation can be hosted by the client on premise or in the cloud.