Choosing capital modelling software

We helped our client, a large Lloyd’s managing agency, carry out a tender process to help them select two critical software components:

• Core capital calculation software; and
• Economic scenario generator.

This work involved us preparing the functional and non-functional (ie IT-related) requirements of the desired product and then assisting with the review of the submissions, including attending vendor presentations. We reviewed all of the major vendor products, along with a small number of competitor product providers. Key to the success of this exercise was our experience running an actuarial software team, and therefore being able to translate generic IT-related business requirements into meaningful specifications for actuarial software.