The Covid-19 pandemic emphasised insurers' need to monitor their solvency positions quickly, frequently and accurately as market conditions fluctuated.

It was therefore timely that Moody's Analytics launched its SolvencyWatch solution in 2020 to help insurers with real-time solvency metric updates. The provider says it is also continuing to win new clients as insurers add components to their internal models, and assess the impact of economic conditions and different asset allocations on their capital position and balance sheet.

Proposals to reform Solvency II are currently being scrutinised in the EU and the UK, and InsuranceERM's judging panel was impressed how the Solvency II solution from Moody's Analytics equips insurers to deal with any major changes or hurdles that may arise.

The provider's RiskIntegrity Suite, for example, offers an end-to-end regulatory risk and solvency solution. It delivers standard formula and internal model capabilities, covering solvency and minimum capital requirement calculations, as well as regulatory reporting capabilities.

InsuranceERM's judges also praised the Moody's Analytics solution regarding its comprehensive risk module coverage for the standard formula and the way it offers complete flexibility for Monte Carlo aggregation to support internal model calculations.

It is clear Moody's Analytics is continuing to develop the Solvency II solution by engaging with the market in areas including solvency metrics, business projections, business planning, own risk and solvency assessment, and stress testing.

Asked what risk technologies Moody's Analytics will focus on for insurers this year, a spokesperson for the provider says: "We continuously research and evolve our technology to answer the market's needs by building user-friendly solutions, that are cost effective, faster, secure, and reliable."

The spokesperson says some current areas of focus include artificial intelligence, big data, blockchain technology and quantum computing.