Westfield Health is a not for profit health insurance company formed in 1919.
The company was established to help people access and pay for health treatment by providing health cash plans and hospital treatment insurance.
On 1st January 2016, the Solvency II regulations came into effect. This Europe wide regulation required the use of new methodologies to calculate the Solvency Capital Requirement for insurance companies.
Westfield Health had developed Solvency II expertise in-house but were looking to tap into a wider resource pool which could be used to both validate their existing calculations and assist in the development of new models for calculations not previously required.
SDA worked with Westfield Health to set a clear scope for the work to be undertaken in two areas.
SDA were asked to review the work carried out by Westfield Health to calculate the Solvency II Standard Formula Solvency Capital Requirement (SCR).
SDA were also asked to develop the calculation of the market and counterparty risk SCRs and to provide a tool which could be used by Westfield Health internal resources to calculate the total SCR at future valuation dates.
SDA produced a number of board reports setting out the appropriateness of the SCR calculation for Westfield Health together with methodology and assumptions documentation which will be required for audit purposes.
Throughout the project SDA worked closely with Westfield Health resources to ensure that our understanding of the data and products was accurate and to ensure that the hand-over to internal resources was a smooth one.