Milliman STAR Solutions - VEGA helps address the extent and scope of the impact of the Solvency II directive. Solvency II affects many of the operations and reporting at the heart of the insurance business: capital management, pricing, underwriting, risk management, asset management, internal and external reporting, and more.
VEGA is a multi-user, multi-site tool for the production of the Standard Formula SCR and quantitative reporting templates (QRTs). More than a regulatory software tool, VEGA is a decision-making solution that facilitates internal reporting and relevant analysis.
VEGA’s functionality includes the calculation, reporting, and workflow essential for secure production of the Standard Formula SCR and regulatory reporting. A web-based interface allows all stakeholders involved in the production, analysis, and validation (risk department, actuarial department, finance department, and management) to get a detailed and/or global vision of the whole operation.
In addition, VEGA:
- Strongly limits the operational risk associated with using spreadsheet software by securing data flows, calculations, the audit trail, and the production of internal and regulatory reporting. VEGA replaces spreadsheet solutions, including EIOPA helper tabs and has ongoing regulatory updates.
- Offers multiple and user-defined analysis dimensions to permit analysis and reporting at different levels within the company.
- Includes the latest generation of graphics functionalities and produces all QRTs as well as customised reports.
- Facilitates the validation and analysis of the results thanks to an audit trail that can be viewed at a very granular level.
- Facilitates governance, control, and transparency in the production of new regulatory returns and capital requirement thanks to a centralised and secure process.
- Benefits from an XBRL add-on module for the tagging and encryption of the regulatory returns.
- Allows downloading of QRTs and related tables/charts into narrative submissions (i.e., the public and private regulatory documents) and management information slide decks.
- Allows the comparison of Internal Model output against the Standard Formula.
- Allows the projection of both the SCR and Eligible Own Funds at future dates for use in the ORSA.
