Release Notes

Last Updated: 2024-3-21

5th June 2023 - More FX rates added; Client Update

Improvement and Progress Updates (v1.4.10)

  • 37 EIOPA and ICS Currencies now have their exchange rates available within the SCR Calculator API.
  • First institutional client will emerge soon.

Comprehensive FX Rates Addition

FX exchange rates since 1/1/2014 for all the 37 currencies involved in EIOPA monthly dataset and the ICS (Insurance Capital Standard) Mar 2022 test set are now added in the SCR Calculator's data API. These include: AUD, BGN, BRL, CAD, CHF, CLP, CNY, COP, CZK, DKK, EUR, GBP, HKD, HUF, IDR, ILS, INR, ISK, JPY, KRW, MXN, MYR, NOK, NZD, PEN, PHP, PLN, RON, RUB, SAR, SEK, SGD, THB, TRY, TWD, USD, ZAR. From now on hopefully the user will not quite need to manually look up FX exchange rates.

ICS in the Pipeline

The ICS (Insurance Capital Standard) v2.0 is being worked on and will be the next regime in the new release (v1.5). It is a vitally important regime as Japan, South-Korea and a few other Asian economies will or have finalised their new economic solvency regimes using the ICS as a template. Nowadays Asian economies are growing the fastest in the world; and insurance penetration rates and AUM are growing rapidly in the region, the new added ICS regime, on a consistent basis with existing European ones, should prove helpful to investment companies ambitious of enhancing their understanding and expanding their local presence there. All the market risk + credit risk modules will be implemented except for the interest rate module because some important parameters of interest rate stressing are apparently outstanding. The new release is expected in 1- or 2-weeks’ time.

First Institutional Client

We are likely to get our first institutional client, a prestige global asset manager, this week or next! The name is confidential at the moment. Also in final stage discussion with a second potential client, also a large global asset manager. As a goodwill policy, early subcribing companies will enjoy favourable discounts on permanent renewal basis. We take on a slow pace initially onboarding new clients, to retain enough resources to fix small bugs and respond to clients' specific improvement requests. For small bug fixes, usually 1-2 days turnaround because Microsoft Store is designed for such rapid build fixes and that’s one of the important reasons why we chose this format of the software. The software’s debug messages are kept on, so it is easy for clients to send us a screenshot to pinpoint the cause of an error. Our promise is to fix bugs as quick as possible and treat them as priority over any new build work.