Client: SCOR
Project: France - building economic capital models for Solvency II
Following the introduction of the ICAS regulatory standard in the UK, SCOR built a bespoke economic capital assessment tool for its local subsidiary in the UK.
Wishing to capitalize on this experience, SCOR launched a selection process to identify a modelling software solution and a consultancy firm that would help them further develop their economic capital modelling capabilities for the whole P/C group. This was with a view to creating a fully integrated internal model that they could use in anticipation of the implementation of the future Solvency II directive.
EMB's Igloo Professional software and EMB consultancy were selected as an outcome of this process. This project extends the existing relationship EMB has with the firm, since SCOR had already licensed EMB's reserving software, ResQ, worldwide at the time.
EMB UK and EMB France worked very closely on this project, benefitting from local expertise and global experience. During the past year, EMB France has helped SCOR complete the build of its internal model and documentation as well as participating in the selection of capital allocation techniques. The resulting mutual confidence between EMB and SCOR led to further cooperation on satellite projects.
The use of both Igloo Professional and ResQ was perceived as a facilitator to their merger, during the integration of Converium into SCOR, which had also licensed these two pieces of software.
From a consultancy stand point, the quality of our consultants and the proven track record of EMB in risk modelling are appreciated by SCOR and led to continued collaboration between our two firms. This confidence is demonstrated by the agreement of SCOR Group Chief Actuary, Eric Lecoeur, who kindly shared his feedback on the implementation of the SCOR internal model with attendees at a French industry seminar.
The local presence of EMB in the French market further facilitates the relationship with French companies as well as benefitting from a global resource and expertise.
For further information, please contact fabien.faivre@emb-france.fr
