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SCHEMATIQ FOR INSURANCE

The use of spreadsheets and Microsoft Excel is pervasive across the insurance industry, particularly in areas such as capital modelling, forecasting, pricing optimisation, risk management, regulatory reporting and for financial analysis upon which key critical business decisions are made.

However, spreadsheets can be fragile. Users of Excel will be all too familiar with issues caused by manual data entry, cutting and pasting and formula complexity that don’t cause a spreadsheet to break when incorrect, but simply generate wrong numbers.

 

When combined with Excel’s lack of governance and version controlling and the fact that it’s not easy to write repeatable and robust tests for spreadsheets, they remain a significant operational risk concern, especially when errors can have severe consequences. 

 

 

Schematiq builds on Excel’s native capabilities to address these challenges for insurance professionals. Schematiq reduces spreadsheet complexity across the organization to make it easier to manage particularly when dealing with highly complex risk and capital models. Also, by simplifying and improving collaboration for model development and validation Schematiq makes it easier to achieve corporate governance goals and reporting requirements for UK GAAP, IFRS and Solvency II.

 

Schematiq enables actuaries, modellers and analysts to achieve more granular views on detailed scenario models using more data and even run them faster than would ever be possible with Excel alone. These capabilities are key to optimising the tools people already use to deliver more accurate and reliable forecasting, optimal pricing, deeper and better insights and ultimately to provide simpler ways to share these analytics with decision makers in more meaningful, timely ways.

PRICING OPTIMISATION

COMPLEX RISK SCENARIOS AND WHAT-IF ANALYSIS

SPREADSHEET AUDITING AND GOVERNANCE

Schematiq transforms pricing optimisation with its unique ability to access larger, more detailed data sources, perform the most complex calculations and interface to 3rd party visualisation platforms such as Tableau or Qlik in real time.

 

The offloading of calculations to external computing resources can improve performance and stability, while custom connectors reduce manual data entry, streamlining for efficiency and removing error.

Schematiq places powerful analytic capabilities into the hands of business users via Excel, enabling risk actuaries and analysts to execute advanced scenarios to drive better decision making to more accurately price risks.

 

Leveraging Schematiq to stress-test existing spreadsheet models, modellers can even convert spreadsheets into functions that can be deployed on powerful servers or cloud resources, hugely increasing performance and reducing manual re-runs.

Schematiq's versioning and spreadsheet management capabilities overcome the challenges associated with sprawling, interconnected spreadsheets and help to meet the governance and regulatory reporting requirements for UK GAAP, IFRS and Solvency II.

 

With Schematiq you can build an inventory of spreadsheet usage in your organisation and understand user behaviour, then control and release changes with confidence using Schematiq's workflow and automated regression testing capabilities.