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SOLVENCY II COMPLIANCE

Milliman VEGA

Insurers face ongoing challenges with Solvency II, especially given its tight deadlines and extensive data control needs. Milliman VEGA delivers simplified compliance management, transparent processes, and robust data analysis capabilities, helping leaders meet regulatory demands and enhance strategic decision-making.

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THE CHALLENGE

Navigating Solvency II

Solvency II impacts capital management, pricing, underwriting, risk management, and reporting. Insurance leaders deal with tight deadlines, exhaustive data requirements, and the need for secure, accurate, and timely reporting. These challenges demand a solution that meets regulatory standards, offers strategic insights, and remains easy to manage and update.

THE SOLUTION

Robust, efficient analysis and reporting in the cloud

Milliman VEGA offers a transformative cloud-based solution for Solvency II compliance. It replaces cumbersome spreadsheets with an integrated platform that automates calculations and reporting, reducing operational risk and ensuring data integrity. VEGA’s analytics provide actionable insights for strategic decisions. Continuous updates and a user-friendly interface simplify compliance, allowing organizations to focus on their core strengths. Investing in VEGA drives business growth and operational excellence amid regulatory challenges.

VEGA’s Solutions for Solvability 2

VEGA supports its clients across the various Solvency II pillars, offering assistance with market stress testing and solvency-capital-requirement calculations for both solo entities and groups. Additionally, VEGA helps in the preparation of Pillar 3 reporting (Quantitative Reporting Templates, National Specific Templates, etc.) using various taxonomies, while ensuring an EIOPA-compliant testing environment with a comprehensive range of XBRL control checks. In the near future, the tool will be able to help its clients with projections for own risk and solvency assessment and calculations for best estimate.

Awards

InsuranceERM Awards 2024 Winner Actuarial modelling solution of the year

Benefits of Milliman VEGA

Simplify compliance

Secure data flows and produce high-quality regulatory reports that meet Solvency II requirements, reducing the risk of non-compliance.

Drive strategic decisions

Gain robust analysis and insights that help leaders make informed decisions to steer their business effectively.

Enhance efficiency

Accelerate reporting processes with streamlined workflows and automated calculations, saving valuable time and resources.

Mitigate risks

Minimize operational risks associated with data handling and reporting by using a secure, cloud-based solution.

Features of Milliman VEGA

Built-in calculations

Use predefined formulas and structures to ensure accurate and consistent regulatory calculations and reports.

Continuous updates

Receive the latest compliance changes and updates automatically, ensuring your reports always meet current standards.

Cloud accessibility

Access the platform securely from anywhere, allowing for flexible and remote work capabilities.

Comprehensive audit trail

Track every step of your data handling and reporting process with detailed audit trails for full transparency.

What sets VEGA apart?

Up-to-date taxonomy access

VEGA delivers the latest regulatory taxonomy updates before deadlines hit. By staying ahead, your team can prepare for changes and meet compliance goals smoothly.

Unified regulatory coverage

VEGA integrates EIOPA standards with country-specific rules, crafting a seamless compliance structure. This streamlined approach simplifies the challenges of diverse obligations.

End-to-end asset tools

Optional features allow you to manage assets within VEGA. From integrating portfolio data to handling complex calculations, the platform keeps everything secure and centralized.

Lightning-fast performance

VEGA completes demanding calculations in seconds. This efficiency helps you address urgent needs or unexpected regulatory tasks without worry.

Tailored to your workflow

VEGA adapts to fit your organization’s preferred methods. Its flexibility supports your unique processes, making it a natural fit for your team.

Committed to clarity

An audit trail tracks every action, bringing transparency to every step. With VEGA, you can trust your results and respond confidently to stakeholders or regulators.

VEGA is trusted by various clients across Europe, backed by years of regulator-validated reporting.

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We’re here to help

Ask the tough questions. We’re ready for them.