QuIC Financial Technologies, a provider of the risk management, pricing and analytic solutions, announces that Lloyds, the insurance market specialist, has selected QuIC as part of its Solvency II solution to ensure its risk infrastructure meets formal FSA regulatory approval for setting statutory capital well in advance of the 2012 deadline.
Lloyds, already well-advanced in its preparations for implementing Solvency II, evaluated a number of competitive offerings before choosing QuIC as the best match for some of its modeling needs. QuICs industry-leading technological speed and flexibility met Lloyds rigorous modeling requirements, and the demanding Proof of Concept demonstrated QuIC could easily set up and run a million iteration simulations well within the required time window.
Building on our extensive track record of helping organisations achieve regulatory approval with modeling, QuIC continues to win the trust of clients over our competitors in the advanced modeling market, stated Justin Forrest, Executive Vice President of Global Sales for QuIC. As the worlds leading specialist insurance market, Lloyds risk management and capital modeling capabilities need to remain amongst the most advanced and sophisticated in the world. We see the QuIC platform playing a significant role in that challenge.
By applying a combination of best practices, industry leading technology and unmatched thought leadership in financial modeling and risk management, QuICs solution has the flexibility to help Lloyds meet the evolving FSA regulatory requirements for Solvency II against aggressive deadlines. It will provide an industrial strength solution that helps to demonstrate adequate capitalisation, offering highly productive tools to help personnel with modeling and reporting requirements.
D.C.