Milliman Star Solutions: VEGA

Learn more about Vega, Milliman's powerful Solvency II analysis and reporting solution.

Video transcript

Solvency II is not only rewriting the rules that govern almost every aspect of how insurance companies do business, it’s redrawing the competitive landscape for the industry.

Those who prepare to meet the new regulatory challenges head-on will position their business for growth and innovation. Those who don’t risk putting their business on shaky ground.

But to meet these challenges, you need more than a set of reporting templates; you need a tool that helps you run your business.

That’s why we created Milliman STAR Solutions-VEGA®. VEGA brings together real-world, hands-on Solvency II migration experience with rock-solid, state-of-the-art IT to create the most robust, powerful analysis and reporting solution on the market today.

VEGA was designed with your needs in mind. That’s why we made it compatible with all actuarial and data systems. We also made it multi-user and multi-site, so that all the stakeholders involved in the production, analysis, and validation process can participate through an intuitive web-based interface.

This allows all departments to get a detailed, global view of the entire operation.

VEGA’s flexibility also extends to its robust reporting functions, offering multiple, user-defined analysis and reporting at different levels within the company.

At VEGA’s core, reporting functions are powerful, secure and simple to use.

VEGA’s cutting-edge, well-designed user interface enables the automation of EIOPA QRTs as well as customized reports.

Because VEGA replaces the Standard Formula spreadsheet used for SCR calculation, it minimizes the operational risk associated with unsecured data flows.

One of VEGA’s powerful features is its aggregation engine, which combines risk sub-modules to obtain the overall SCR. VEGA’s aggregation engine can also integrate results derived separately from partial internal models.

VEGA presents all the components of the capital calculation, and their interaction, in a clear and intuitive way. That means that your board and senior management can get better insight—quickly.

In addition, the latest helper tabs provided by EIOPA are integrated into VEGA, giving you a simple, effective way to get a clear picture of common enterprise risks.

What’s more, all of these calculations can be performed for solo entities or at a group level.

But VEGA’s advantages don’t stop there: VEGA is built on a sophisticated insurance data framework that allows you to choose from either predefined data classification templates or to customize your own company-specific data framework.

VEGA incorporates a “download console,” which not only gives you a simple way to import data from your accounting system or other data sources, it also assesses data quality by detecting internal inconsistencies and establishing cross-reconciliations between the different sources.

And with VEGA, your data sits on a central server. Besides providing long-term storage of results, centralizing the data also produces a clear audit trail of production calculations as well as providing authorization management at the highest levels.

VEGA’s user interface was designed by IT pros working with seasoned Solvency II experts to maximize your power and flexibility in navigation, reporting, and analysis, but with tools and features that are easy to learn and use.

With VEGA, you can easily navigate across different dimensions of analysis and can choose to review and analyze your results in multiple ways: through the web-based interface, via ad-hoc or predefined reports, or in Excel®, using the supplied plug-in.

And you have a full suite of reporting analysis options, which help explain and validate your results.

VEGA anticipates the key question asked by senior management: “Why has our capital calculation changed?” With VEGA you can quickly and confidently compare year over year, central value versus sensitivities, and calculation with Standard Formula parameters versus calculation with entity-specific parameters.

We’ve built a robust, powerful analysis and reporting solution, and we made it secure, flexible, and easy to implement and use.

Milliman's STAR Solutions–VEGA is designed for Solvency II as well as an overall look at enterprise risk—not only to help you get ahead of the new regulations, but also to help you run your business better.