Achieve Solvency II compliance at less cost and in dramatically less time

European insurers of all types and sizes – as well as North American insurers who do business in Europe – have realized that compliance with Solvency II directives will require a substantial effort that will continue into the foreseeable future. The EIOPA Report on the fifth Quantitative Impact Study (QIS5) for Solvency II noted in Section 10.1 Practicability and Preparedness that “other areas that were commented on in almost all cases were improvements to data quality or data management and, sometimes linked to the latter, changes to IT.” Similarly, in a survey of insurance firms subject to Solvency II compliance, the UK Financial Services Authority’s IMAP thematic review of current efforts to comply found that data management appeared to be one area where insurance firms still have comparatively more to do to achieve the likely Solvency II requirements.

These surveys found five key data management topics that insurers needed to better address to be adequately prepared for Solvency II compliance:

  • Support a data framework by a comprehensive data policy covering data quality and data updates, approved by senior management.
  • Invest in a data warehouse as a way of addressing the various data management requirements, ensuring that the data can be used in destination systems in a meaningful way.
  • Create a data dictionary as an approach to understanding and classifying data, with procedures to ensure timely maintenance and consistent use of the data dictionary across the firm.
  • Ensure data quality so that data used in the standard model and the internal model is accurate, complete and appropriate.
  • Ensure that spreadsheets outside the control of IT would be subject to the same controls as formal IT systems to reduce risk.

The Magnitude for Solvency II solution leverages the modeling and data investments that you already have in place and minimizes the disruption to existing business processes and systems. Initial deployment is normally completed within days, while customisation of the information model to meet the needs of a specific risk profile is a project of weeks. Mapping and loading data from existing operational systems go on in parallel.

The Magnitude solution is driven by the needs of the business, and is designed to grow as your business grows; with a robust, model-driven information engine you can support the business beyond your immediate Solvency II requirements.

Solution Architecture

Our approach contains a pre-built insurance and Solvency II business model template ready for calculating SCR. The product creates and maintains a data warehouse and also includes a master data management capability so that you can deliver accurate and consistent data from a variety of source systems. Additionally, the Magnitude Dynamic Information Warehouse (DIW) automatically creates BI metadata for leading BI tools including IBM Cognos, SAP Business Objects, Microsoft Analysis Services, Microsoft Excel and Qlik that you can use to produce market disclosure and internal reports.

Solvency II impact on your information infrastructure

The new requirements will have a profound impact on the information strategy of many insurance companies, intersecting operational applications, data management, data governance, data integration, business intelligence and analytics capabilities. Moreover, IT departments need to integrate data from customer facing, operational, finance, risk and line of business systems into one consolidated, enterprise-risk repository so that the Solvency Capital Reserve SCR can be calculated. The Solvency II repository must include data

  • Clients
  • Policies
  • Claims
  • Reserves
  • Risk
  • Underwriting
  • Reinsurance

Many insurance firms plan to use Solvency II as the impetus to build a lasting analytics and business intelligence infrastructure. The Magnitude for Solvency II solution addresses the immediate data management issues of Solvency II and can easily evolve into a broader data warehouse to address additional business requirements across many different lines of business (P&C, Life, Specialty, etc.) or functional areas (actuarial, underwriting, broker management, etc.)

© Copyright 2017 Magnitude Software, Inc. All rights reserved. Magnitude Software is a registered trademark of Magnitude Software, Inc. in the U.S. and other countries. All other product and company names mentioned herein are used for identification purposes only and may be trademarks/registered trademarks of their respective owners

Chris Ney

Chairman and
Chief Executive Officer

Chris oversees Magnitude Software’s overall corporate vision and strategic direction.

As Chairman and CEO, Chris leads Magnitude Software’s corporate vision and strategic direction, driving the company’s acquisition, integration and growth strategies to extend the company’s global reach. Under his leadership, Magnitude Software has developed an unparalleled customer experience, strengthened its culture of innovation, and greatly increased profitability and shareholder value. In September 2014, Chris successfully secured up to $100 million in capital to further build Magnitude Software through product innovation, organic growth and strategic acquisitions.

Ney was previously Co-Founder and President of Silverback Enterprise Group, where the team completed the strategic acquisition of nine industry-leading enterprise software companies and leveraged their synergies to build two powerful new entities: Magnitude Software and Upland Software. Magnitude Software offers a family of award-winning solutions for enterprise performance management, master data management and data connectivity. Upland Software (Nasdaq: UPLD) went public in late 2014 and is a leading provider of cloud-based enterprise work management software with over 2,000 active enterprise customers and more than 235,000 active users in more than 50 countries.

Prior to co-founding Silverback, Ney was CEO of a series of Trilogy/Versata portfolio software companies. He previously served as Chairman of the Board, CEO and Founder of CoreTrac, a financial services CRM software company. Ney began his career working for investment banking firms Lehman Brothers and UBS.

He holds a Bachelor’s Degree in Economics from Texas A&M University.


Kevin Mischnick

Senior Vice President,
Finance and Accounting

Kevin oversees global financial operations for Magnitude Software.

Bringing more than 25 years of financial experience to Magnitude Software, Kevin is responsible for a number of areas of the business, including Finance, Accounting, Legal and Information Technology.

Kevin’s background includes building and transforming financial teams into high-performing units, implementing systems and processes focused on cost savings and efficiency, and raising nearly $100 million in investor capital. He served as Senior Vice President of Finance for Multimedia Games Inc. and Capstar Broadcasting Corporation. Under his financial leadership, the market values of both companies increased more than tenfold.

Kevin is a certified public accountant and holds a Bachelor of Business Administration in Accounting from Texas Tech University.


Bill Stephens

General Manager, Magnitude Applications

Bill leads the Magnitude Applications business, driving strategic direction, product and service execution, revenue growth and customer engagement across Magnitude’s applications portfolio.

A seasoned IT and consulting executive with a 20-year track record leading teams to drive customer success across diverse industries, Bill previously served as BIAS’ Vice President of Services overseeing the successful delivery of solutions across the Public Sector and Commercial markets. Prior to BIAS, Bill served for over a decade at Oracle Corporation as an applications consultant, project manager, senior operations director, and consulting executive.

He developed the foundation of his leadership skills while serving as a Cavalry Scout in the Kentucky Army National Guard.

Bill holds a Bachelor of Science in Finance from the University of Louisville.


Tony Fisher

General Manager, Magnitude Integration

Tony leads the Magnitude Integration business, driving strategy, revenue, product and operations as well as leveraging and integrating our Simba- and Innowera- based technologies for new Magnitude solutions.

An accomplished data management and big data marketplace leader, Tony previously served as the SVP, Business Development & Strategy at Zaloni, an award-winning enterprise data lakes management provider; prior to that role, he was Vice President, Data Collaboration & Integration at Progress Software, where he led the business line’s strategic direction and operations.

Prior to Progress, Tony was the CEO of Dataflux Corporation. He also served as Director of data warehouse technology at SAS. A key technology leader at SAS, Tony provided the engineering research and development direction that helped make SAS the market leader in data warehouse software sales.

Tony earned a Degree in Computer Science and Mathematics from Duke University.


Darren Peirce

Chief Technology Officer

Darren spearheads the development, execution and management of strategic opportunities and key customer accounts across our portfolio.

As Magnitude’s technology guru and evangelist, Darren is critical to building on our position as a leading provider of software and services that help organizations tackle the challenges and opportunities inherent in digital information management.

Previously, Darren served as CTO and Group Vice President of Product Management at Kalido; prior to that role, he was the Lead Solutions Architect and Manager of Professional Services in the United Kingdom. He also worked in senior consulting positions for companies such as Royal Dutch Shell and British Telecom.

Darren received a degree in Management from Intec College in Cape Town, ,South Africa, and studied Economics at the University of Stellenbosch.


Mihir Shah

Executive Vice President,
Corporate Development and Strategy

Mihir is responsible for Magnitude Software’s acquisition and organic strategy.

Mihir has over a decade of experience leading acquisitions and strategy. During this period, he led several public and private company acquisitions, divestitures, and minority and majority equity investments.

Previously, Mihir was M&A Executive for IBM’s Information Management Software division, executing IBM’s inorganic strategy through M&A and strategic partnerships. He also served as Operating Executive for private equity firm, Golden Gate Capital, and as Vice President for Corporate Development at Aspect Software.

Mihir holds an MBA from the University of Chicago Booth School of Business and Master of Science from Worcester Polytechnic Institute.


Karen McPhillips

Vice President,

The mind that opens to a new idea never returns to its original state

Karen McPhillips drives marketing strategy and operational execution to grow the company profile, revenue and market position.

Leveraging 20+ years of transformational marketing experience, Karen fuels Magnitude’s corporate and existing portfolio marketing, collaborating to maximize the company’s business strategy while also supporting integration of acquired products and services.

Karen has served on leadership teams of public and private companies of all sizes, transforming marketing functions and generating both tangible and intangible value. Most recently at PlumChoice, she and her team repositioned the brand and metamorphosed the marketing function in support of the company’s pivot from IT support provider to leader in the cloud services and Internet of Things spaces. At Iron Mountain and its technology arm, Iron Mountain Digital, she created new marketing functions, introduced the marketing operations discipline, and spearheaded a closed-loop leads-to-revenue framework coupled with a brand-to-demand communication platform that raised the bar on marketing’s revenue influence. Prior to Iron Mountain, Karen held marketing leadership roles with SaaS back-up leader, Connected Corporation (acquired by Iron Mountain), and SilverStream Software, contributing to the company’s IPO and acquisition by Novell.

Karen earned a Bachelor’s degree in Journalism from St. Michael’s College in Vermont.