Excel-based solution helps companies calculate requirements using the new regulation’s standard formula
Broking group Aon’s global risk consulting unit has launched a Solvency II capital requirement calculation tool.
The Microsoft Excel-based solution, called ASTRA, is designed to help companies complete their capital requirement calculation using Solvency II’s standard formula.
Under the Solvency II regime, which is expected to come into force on 1 January 2016, companies can either use the standard formula to calculate their capital requirement, or use their own internal capital model, subject to regulatory approval.
Aon said ASTRA has already been licensed to a number of insurers across Europe, including Lloyd’s insurer Hiscox’s subsidiary Hiscox Insurance Company Limited.
Aon associate director of actuarial and analytics Jason Noronha said: “The standard formula calculation has proved more complex than expected for many companies.
“ASTRA allows our clients to minimise the time spent completing the calculation and instead focus on understanding the results using ASTRA’s suite of insightful management information reports.”