SAS® Solution for Solvency II Features
- Includes workflow-enabled capabilities that encapsulate an end-to-end business flow, including various facets of data management and iterative analytical computations on that data, augmented with one or more iterations of adjustments and interspersed with appropriate review/approval stages.
- Allows task coordination and people interactions.
Risk data management
- Provides integrated data quality tools that eliminate or reduce data inconsistencies.
- Automates data collection and consolidation, error handling and data processing.
- Supports integration with third-party risk applications.
- User security capabilities let you create and amend user security for access, authentication and authorization.
- Self-documenting audit functionality provides a complete audit trail of all changes to data and risk models.
Risk analysis & aggregation
- Calculates Solvency Capital Required (SCR) and Minimum Capital Required (MCR) for entities on both levels – solo and group.
- Calculates capital requirements at different levels of detail – from contracts level to entity level.
- Calculates and aggregates risk capital across all risk types (market, life, P&C, health, credit and operational risk).
- Calculates risk margin for nonhedgeable insurance liabilities.
- Enables modeling of assets and liabilities on a market-consistent basis.
- Calculates reinsurance receivables.
- Calculates available capital and solvency ratio.
- Provides full transparency and auditability of calculations.
- Allows changes in assumptions and exploration of the variances based on the changed parameters.
- Provides an open and scalable architecture to support your organization's internal model approach.
- Includes web reporting tools, such as customizable dashboard and ad hoc reporting capabilities.
- Prebuilt risk reporting includes standard reports (QRT) both in XLS and XBRL formats, as per EIOPA requirements.
- Provides an extendible validation rules engine that includes more than 600 predefined intra- and interreport validation checks that meet the latest EIOPA specifications.
- Manages ongoing regulatory updates and support for the local supervisor's preferred language.