Type of System
- Capital modelling
- Data management
- Economic capital aggregation
- End-to-end ERM or Solvency II solution
- Internal/external reporting
- Risk Management
- Reserving solution
- IFRS 17 Solution / Exposure and Experience Rating
Type of Platform
The offering facilitates
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
Implementation and Costs
Typical implementation costs:
Both licensing and consulting costs vary based on the scope of the project. The licensing additionally varies based on the number of users licensed. Typical licensing only costs are as follows:
- 3 to 5 users for a Solvency II TP and SF model implementation is between £45k and £55k per year.
- 5 to 7 users using an integrated Solvency II TP and IFRS 17 model is between £55k and £65k per year.
How long does your software take to implement on site?
Installation is less than a day when hosted in house, and hours when we host in the cloud. We additionally provide consulting around the model design and build, the length of which depends on the scope of the engagement.
Please name companies that use the system/solution:
For confidentiality purposes, we are unable to disclose any names. As of 30/06/2018, we have 12 clients using Psicle for a variety of uses (Reserving, SII TP and SF, Exposure Rating) across the London Market (including Lloyd's), Denmark, Bermuda, and South Africa.