Software/IT Systems/solutions, Data, Modelling

Enterprise Risk Management Technology Guide

The approach of Solvency II is concentrating re/insurers' minds even more intensely on the technology needed to support implementation and compliance with the EU directive.

The providers of the technology have been alive to the growing demand from re/insurers for solutions that not only satisfy Solvency II requirements but also facilitate a broader view of enterprise risk management, and they have been busy upgrading their offerings, introducing add-ons and boosting computer capacity and efficiency.

Corporate statements

News

Model validation consortium launched

Troika brings together Barnett Waddingham, Experimentus and Synergy Compliance

Solvency II data could cost big insurers over £100m

Solvency II data could cost big insurers over £100m

But there are other benefits, says SAS

MAP signs up for ClusterSeven's spreadsheet management solution

Fourth Lloyd's insurer to do so

Cloud risk evaluation framework launched

Marsh outlines five-stage process to help understand risks

Towers Watson adds standard formula to capital modelling products

Can be used alone or with Igloo or RiskAgility MoSes software

Generali to use Agencyport for policy admin

Upgrade means migrating 50 years of data

Oracle mulls capital modelling solution

Oracle mulls capital modelling solution

But now isn't best time to enter market, says senior director

Tool to boost returns on risk-adjusted capital launched

Risk Optimizer will help insurers refine risk selection

Barrie & Hibbert launches liability proxy generator

As well as a market-consistent ESG solution

Canopius implements ClusterSeven

Lloyd's insurer will use spreadsheet software

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Analysis

Striving for "one version of the truth"

Striving for

To achieve this and satisfy Solvency II's requirements on data transparency, companies must revisit all their systems and manual processes. Martin Philpott spells out the challenges involved

Encoding the directive: XBRL for Solvency II reporting

Encoding the directive: XBRL for Solvency II reporting

Eiopa's requirement for XBRL reporting for Solvency II means a radical change to insurers' IT infrastructure and reporting requirements. Initially this will require a manual mapping and tagging approach, and will result in additional costs, as Josef Macdonald and Andrew Holland explain

ERM technology focuses on run times, operating flexibility and governance

Financial modelling software remains central to our new ERM Technology Guide which is now live (click here) but the evolution of requirements, not just for Solvency II but ERM in general, means a host of ancillary solutions and enhancements have appeared since our last guide was published in June 2010. Grid and cloud offerings are more in evidence; suppliers of GRC software are increasing; and web-based and modular solutions are becoming more common.

Guide to economic scenario generators

Regulatory change and the proliferation of guarantee products have driven the development of a range of economic scenario generators (ESGs). Here's a detailed look at the different approaches of 11 such models, based on responses from their producers and providers to an InsuranceERM questionnaire.

Phoenix revolutionizes its actuarial systems and processes

Phoenix Group has embarked on one of the most ambitious technology transformations ever attempted which will see it replace its myriad legacy systems with one automated, unified system. It's also introducing daily solvency monitoring and embracing on-demand computing.

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Highlights