A comprehensive list of ready made actuarial models
Various off-the-shelf modules are available, supporting different actuarial domains and applications, including:
A fast, cost-effective way to implement Solvency II requirements is the OOliba Standard Formula. This model calculates the SCR (Solvency Capital Required), incorporating multi-source data, based on the standard formula and providing other functionalities (calculations of USP and Risk Margin, counterparty default risk,etc).
In addition OOliba provides full traceability and auditability of the calculations, both representing fundamental Solvency II requirements.
The diagram below gives an overview of the OOliba Standard Model.
Solvency II demands insurers to have a clear insight in the risk embedded in the assets portfolio. The OOliba Market Risk Model offers the following functionality:
Determining a company’s reserve for future claims payments and future premiums, as well as for estimating the risk present in the claims reserves run-off, is essential in the financial management for any insurer.
Our model supports the most modern flow stochastic and deterministic projection techniques.
The Own Risk and Solvency Assessment (ORSA) is the main engine for embedding Solvency II into the insurance business.
ORSA requires a prospective view of risks and their implications at the heart of decision-making actions within insurance companies. This also means the insurer needs to have processes in place for identifying and quantifying the risks in a coherent framework. In future audits, insurers will have to demonstrate that ORSA influences the way their business is run day-to-day. They need to show that their risk management is not just a technical box-ticking exercise.
As the calculation of the Solvency Capital Requirement (SCR) gives companies the regulatory capital amount they are required to hold, the formulaic nature does not reflect individual circumstances.
ORSA allows for individual interpretation of risk exposures and risk appetite, providing a much firmer base for decision-making. Since supervisors will want to see an internal assessment that reflects specific risks based on company data, the SCR standard formula is clearly inappropriate for ORSA.
Our ORSA model computes financial results and capital needs of the undertaking over a multi-year period based on financial and growth parameters. The model takes into account best estimate and different shock assumptions.
The OOliba Belgian Worker Compensation (BWC) model allows companies to model the evolution of claims related to permanent disability and the cash flows that will result from it, based on the Belgian legislation and company specific input.
The model takes into account the different stages in processing a claim, all-possible types of beneficiaries and the options as well as the events/evolutions that occur in the course of its lifecycle.
The model is built with the explicit purpose of meeting the Solvency II criteria for SLT health. As such it is a non-stochastic model, but when combined with economic scenarios, it can be easily converted into a stochastic model.
Thanks to the transparency and flexibility of the OOliba tool, the model can be easily customized to the specific features/preferences of the company.
The OOliba BWC model supports the following product features:
The OOliba BWC model supports the following output features:
The OOliba BWC model supports the following dynamic features:
The OOliba QRT module is able to generate the EIOPA QRTs in both Excel and XBRL formats.
The generation of QRTs is controlled by a configuration file indicating the types of QRTs to be produced. OOliba supports solo,group, annual and quarterly reports, and you can indicate which individual QRTs are required.
The generation of the XBRL file includes execution of the validation rules embedded in the taxonomy