Solvency II brings drastic changes to the way prudential capital is calculated, but for insurers, the main impact is not just in its quantitative elements. With Solvency II, the regulator also emphasizes the qualitative dimension through pillar 2 and, to a certain extent, pillar 3.

In this report, Solvency II IT Vendor Spectrum, Celent looks at vendor solutions that might be identified as key elements for implementation by insurers to improve their risk management framework and comply with Solvency II.

“Insurers need to define a clear roadmap to get ready for Solvency II before selecting which IT vendors to work with,” says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and author of the report. “Solvency II is not just about IT alignment; it also relates to various resources. However, insurance companies that neglect the importance of IT alignment in the frame of their Solvency II preparation program will be less inclined to gain competitive advantage.”

This report provides detailed descriptions of IT vendors and their offerings in each category of the Solvency II IT layers. Some vendors offer multiple solutions that can cover one or more areas of Solvency II, while others have a unique solution covering specific functional elements.