General Insurance Article - Towers Watson releasing additions to Solvency II model

 Towers Watson is releasing additions to its established capital modelling solutions to help life, non-life and composite insurers perform the Standard Formula calculation that is required by all companies under the Solvency II regime.

 The company's Igloo Standard Formula and RiskAgility Standard Formula software products will implement the Solvency II Standard Formula, with full data and parameterisation control to support the governance requirements of the Directive. These products will be available as entirely standalone solutions for clients to implement alongside any financial modelling platform. They will also be configured to allow full and seamless integration within existing Igloo and RiskAgility MoSes implementations.

 Martin Pike, managing director of Risk Consulting and Software for Towers Watson in EMEA, comments "There is a clear need in the marketplace for a robust process for the production of results using the Standard Formula, removing the need for the use of spreadsheets. These additions to our already well-established life and non-life modelling products offer an 'out-of-the-box' solution to the calculation complexities within a strong control framework to facilitate audit and review."