Enterprise Risk Management Technology Guide 2023

Actuo - Actuo SII Engine

Type of System

  • Analytics
  • Asset/liability management
  • Capital modelling
  • Catastrophe modelling
  • Governance, risk, compliance (GRC)
  • Internal/external reporting
  • Solvency II solution
  • Spreadsheet risk management
  • Stress and scenario testing

Type of platform

  • Cloud
  • SaaS
  • Server-based
  • Web-based

Other features - does your offering facilitate

  • Curve-fitting
  • Replicating portfolios
  • Solvency II internal model
  • Solvency II standard formula

What are the typical implementation costs?

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 our newest customer 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 software 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 contributions 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 42 different scenario types are ready-to-use from installation. New scenarios can be built within days by request.

SII Engine is frequently ISAE-3000 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/solution

Among our 100+ references are Alm. Brand, Mandatum Life, Pohjantähti, Modra Zavarovalnica, The Hartford, PenSam, Revo Spa, INVL Life, Dynamis Insurance, EXIM România, and Landkreditt.

Tweet

Actuo’s SII Engine is a ready-to-use Solvency II solution covering all 3 pillars, with more than 100 reference clients.

Contacts

[email protected]

Guide entries by Actuo