Case Study: Aviva achieves Solvency II compliance and faster risk modeling with Julia Computing

Aviva - Customer Case Study

Aviva, one of Europe’s largest insurers, needed to rebuild its risk modeling systems to meet the stricter Solvency II regulatory requirements after its legacy IBM Algorithmics platform became too slow and limited for the increased complexity and daily simulation demands. Julia Computing provided Julia as the development platform to help Aviva upgrade its capital and risk models for compliance.

With Julia Computing’s solution, Aviva built faster, more transparent, and more scalable models that were about 1,000 times faster than IBM Algorithmics, used 93% fewer lines of code, and took about one-tenth the time to implement. The server cluster needed for simulations dropped from 100 servers to 5, helping Aviva save millions of pounds per year in licensing and infrastructure costs, and the Julia-based models have since been expanded into production use across additional insurance and risk analytics applications.

Aviva

Tim Thornham

Director of Financial Modeling