Algorithmics, the leading provider of risk solutions, announced today that Nordea Life and Pensions, a multinational insurer with operations in the Nordics, the Baltic countries, Poland, Luxembourg and the Isle of Man, has chosen Algorithmics’ Compliance and Reporting Edition for its Standard Formula approach to Solvency II regulatory compliance.
Algorithmics’ newly launched Compliance and Reporting Edition is designed to provide Nordea Life and Pensions with a complete end-to-end solution, calculations and robust environment from which to undertake its Solvency II project. The Compliance and Reporting Edition is part of Algorithmics’ Economic Capital and Solvency II solution for the wider insurance industry and consists of Algo Financial Modeler as the core calculation software, with audit and process capabilities provided by Algo Audit & Compliance and Algo Financial Modeler Enterprise.
Dr Andrew Aziz, executive vice president of Buy-Side Risk Solutions at Algorithmics, said: “I am delighted to welcome Nordea Life and Pensions to the Algorithmics insurance community as a client for our new Algo Compliance and Reporting Edition. Based on feedback from our clients we decided to broaden our existing proven Solvency II solution to include the full range of approaches under Solvency II, from internal models to standard formula. The new editions incorporate our award-winning innovation and offer insurers end-to-end solutions for Solvency II compliance, regardless of the approach they choose to take. We look forward to working with Nordea Life and Pensions, initially on their Standard Formula approach, and then as they move to an internal model approach for Solvency II compliance.”
