KPMG has launched a software package, IGD Advisor, to enable insurance companies to calculate their group solvency margin. This is required under the Insurance Groups Directive (IGD).
KPMG has developed the software in conjunction with Empiricom Technologies Limited.
Implementing the requirements of the directive and reporting to the Financial Services Authority (FSA) will be difficult for most companies, but KPMG believes its new software will make the process far easier as it can assist in all stages of calculation and capital planning.
Key features include a facility which generates reports automatically from the underlying data set and graphical analyses of the overall surplus or deficit across a group, and a function that can be used to identify the main causes of strain on a group's solvency position.
KPMG partner Hitesh Patel commented: "Our software package will enable companies to meet the challenges of the directive and report to the FSA without the need to create complex spreadsheets."
