Kundereferencer
Matthew Hodgson, Senior Actuary at Hastings about working with Actuo:
“At Hastings we had some issues with our solvency calculation and reporting solution, so when our parent company Sampo suggested that we talk to Actuo, we were receptive.
Whilst our initial impressions of SII Engine were favourable, we were wary at the prospect of a lengthy and resource-hungry migration project.
However, in part due to the user-friendliness of SII Engine and in part due to the support from Actuo’s team, migration testing went quickly and smoothly and as a result we were able to switch to SII Engine for live reporting earlier than expected.
Over the next few quarters we are optimistic that this move will reduce our solvency reporting timescales.”
“Since Sampo’s acquisition of Hastings in 2020 and the implementation of Group supervision by the Gibraltar Financial Services Commission soon thereafter, the Hastings Actuarial Function has needed to prepare three sets of solvency calculations on a quarterly basis. We were finding it a challenge to speed up our solvency reporting timescales, a major reason for which was our legacy solvency calculation and reporting solution. We were therefore receptive when Sampo suggested to us that we talk to Actuo about SII Engine.
We felt that SII Engine had the potential to improve the efficiency of our reporting process when it was first demonstrated to us, but past experiences with alternative providers had made us wary of the time and resources involved in migration testing, particularly with the need to maintain ’business as usual’ reporting in the meantime. However, our concerns eased as migration testing got underway, partly because our team found SII Engine more user-friendly than our existing solution and partly because of the strong support we received from Actuo. As a result, we concluded the testing phase satisfactorily and decided to switch to SII Engine for live solvency reporting one quarter earlier than anticipated.
Whilst it is too early to be sure, we are confident, based on what we have seen over the course of testing and the support we have received from Actuo, that we will see savings to our solvency reporting timescales over the next few quarters as SII Engine beds in.”