Internal models and model validation

With the internal model approval process (IMAP) likely to be a learning curve for both supervisors and applicants, what practical steps can companies take to make a convincing case?

Learning from the Lloyd’s experience, February 2012
Syndicates at Lloyd’s have already submitted their internal model applications. What can life and non-life insurers learn from their experience to make their lives easier?

Maximising value from your reinsurance spend, September 2011
For CEOs and CFOs looking to differentiate their company and demonstrate value creation, using their Solvency II capital model to identify hidden redundancies in reinsurance spend is an easy win. The gains from making use of the capital models in this way go straight to the bottom line.

Is a full internal model a step too far, July 2011
Whether to opt for an internal model, the standard formula or one of the options in between is one of the most crucial decisions within Solvency II. It not only affects your firm's capital requirements, but also the way the business is managed and perceived by stakeholders. With the decision not always being clear-cut and also subject to possible change over time, what are the key strategic, capital management and cost-benefit considerations that can help you to make the right choice for your company, both now and in the future?

Validating your model, July 2011
If your company wants to achieve internal model approval in the first wave, model validation should be underway. What does model validation involve? What are the potential pitfalls? And how can you get your validation on track without tying yourself up in needless effort?

Delivering your model expectations, June 2011
Many life insurers launched their Solvency II projects with great expectations, aiming to sharpen decision making and competitiveness. However, our research reveals that the business benefits may have to take a back seat to more pressing compliance demands.

Confidence in the model, October 2010
If insurers are not confident about the reliability of their data and the governance surrounding their models, they cannot be sure about the quality of the information coming out, and neither will their supervisor. How can insurers make sure that their models stand up to scrutiny?

The internal model approval process (Video), October 2010
Charles Garnsworthy, Partner and Consulting Actuary at PwC (UK), discusses the internal model approval process and why it's so important to get buy-in from the business, not only to secure supervisory approval , but also to deliver competitive benefits.

Worth using: Meeting the use test for model approval. May 2010
The 'use' test is proving to be one of the toughest aspects of the internal model approval process (IMAP). How can firms get up to speed while reaping the competitive benefits of a more effective basis for decision making.

Model approval: Preparing a convincing case, February 2010
With the  internal model approval process (IMAP) likely to be a learning curve for both supervisors and applicants, what practical steps can companies take to make a convincing case?