Leveraging Technology to Improve Risk Management: A Solvency II Update

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25 January 2010


Despite recent changes to and criticisms of Solvency II regulation, work around its implementation continues. The Quantitative Impact Study 4 (QIS4) has seen an increase in participation by European insurers, demonstrating that companies are more interested in Solvency II and want to understand its impact on their capital requirements.

In this report, Leveraging Technology to Improve Risk Management: A Solvency II Update, Celent summarizes the recent developments regarding Solvency II implementation, providing specific information about the QIS4 results and examining how to build an efficient risk management framework. This report provides key information for both IT vendors and insurers looking to better understand Solvency II.

“What makes Solvency II complicated for insurers is its horizontal implications within the organization,” says Nicolas Michellod, senior analyst with Celent’s Insurance group and author of the report. “Even the most prepared insurers will have to adjust their IT infrastructures and invest in order to improve their capabilities around risk management, data integration, and reporting.

After reviewing Solvency II’s main elements, this report provides an update about the new set of regulations and the level of preparation required of insurance companies in light of their participation in the QIS4. This report also describes Celent’s view of the risk management framework for insurers, detailing risk management strategy, governance and internal controls, and providing an analysis of risk appetite and corrective actions. The report then describes key IT considerations for insurers and looks at technology as it relates to data sources and models, risk management, and business analytics and integration.