Vega™: Software Solution from Milliman will calculate Standard Formula and help Insurers to meet Solvency II reporting requirements

Vega™: Software Solution from Milliman will calculate Standard Formula and help Insurers to meet Solvency II reporting requirements PR Newswire PARIS, July 31, 2012 PARIS, July 31, 2012 /PRNewswire/ -- Milliman, one of the premier global consulting and actuarial firms, today announced the impending launch of Vega™, a comprehensive software solution to perform Standard Formula calculations and fulfil Solvency II reporting requirements. Milliman's leadership position assisting insurance firms on their path towards Solvency II has created a unique expertise in terms of best practices, expectations and needs of the insurance industry. Building on this experience, Milliman is launching Milliman STAR (Solvency Two Analysis and Reporting) Solutions™, a comprehensive line of software products which are designed to meet the diversity of insurers' needs, while being compatible with any existing actuarial and data systems. Vega™ is the first module of this product line and includes: Standard Formula calculations (replication and automation of "EIOPA's QIS5 spreadsheet" for the Solvency Capital Requirement) Reporting & Analysis Internal Reporting allowing multi-dimensional analysis of results (e.g. by lines of business, risks, distribution channels, solo & group, etc.