Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

Algorithmics Teams Up With Barrie & Hibbert, SecondFloor

For delivering the insurance industry with Solvency II solutions

Algorithmics, Barrie & Hibbert and SecondFloor have teamed up to deliver Solvency II solutions for insurance companies of all sizes. The solutions, comprising an end-to-end analytical framework and process, intends to enable insurance companies to measure, manage and report Solvency Capital Requirements (SCR) under Solvency II regulations that will be offered both as deployed software and as a managed service.

The solution intends to combine Algorithmics’ Algo Risk with Barrie & Hibbert’s economic scenario services and SecondFloor’s experience in building risk reporting workflow and process controls.

Algo Risk offers a number of practical methods to assist insurers to calculate their Solvency Capital Requirements (SCR), including Replicating Portfolios, Curve Fitting, Standard Formula and advanced copula-based risk aggregation.

Barrie and Hibbert intends to provide a coherent approach to replicating and curve fitting scenario selection and weighting, the associated liability-specific asset selection for replicating portfolios, and real-world scenario calibration in the context of Solvency II requirements. This will ensure that there is a close fit between the replicating portfolio or fitted curve and the initial value of the technical provisions.

In conjunction with Algorithmics, SecondFloor has designed and built a workflow component that will enable users to manage reporting periods and data based on a company-wide hierarchical structure, submit and approve portfolio replications, and initiate final reporting. The new component, which will be bundled into the Algorithmics solution, will provide a risk management platform that integrates portfolio replication, curve fitting, and risk aggregation within a risk management and reporting infrastructure which is auditable, automated and centralised.