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.
Troika brings together Barnett Waddingham, Experimentus and Synergy Compliance
Fourth Lloyd's insurer to do so
Marsh outlines five-stage process to help understand risks
Can be used alone or with Igloo or RiskAgility MoSes software
Upgrade means migrating 50 years of data
But now isn't best time to enter market, says senior director
Risk Optimizer will help insurers refine risk selection
As well as a market-consistent ESG solution
Lloyd's insurer will use spreadsheet software
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
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
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.
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 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.