SII is active since the beginning of 2016 and necessitates challenging reporting infrastructures for insurance companies. This is a major challenge, especially for small and medium sized companies.
CJF has an agency agreement for the distribution and support of SII software, with the Danish company Asseco Denmark (now operating under the name Actuo). Asseco developed a software solution, SII Engine®, to assist companies with all three pillars of Solvency II. Actuo has over 60 clients over Europe using its SII software. It is used by 60% of the Danish top 10 insurers.
SII Engine® provides flexible solutions which can be adapted according to the client’s needs and data systems. It supports the following solutions, for the three SII pillars:
- Pillar 1 calculations
o For general insurers, the liability calculations can also be performed by the software, making it an all-in-one tool. - Pillar 2 stress tests and solvency forecasting
- Pillar 3 reporting
o Reports are delivered in XBRL format
More information can be found at https://actuo.eu/solvency-ii/.