The UK's largest friendly society isn't waiting for Solvency II to overhaul its actuarial processes and systems. It's already well into the project, despite also being in the middle of preparing an application to the FSA for an internal model.
LV= is in the midst of implementing an ambitious project to transform its actuarial systems to cope with Solvency II.
The company is developing an actuarial modelling solution for life cashflows and liability best-estimates - which involves switching from one proprietary system to another (VIPitech to Prophet) -- and building a risk capital model for real-time reporting.
These changes are being implemented while the company is in the midst of the FSA's internal model application process (IMAP), and form only the first stage of a major review and update of LV='s actuarial systems.
Click here to read more at InsuranceERM.