Did You Know?
We helped a 'closed life and pension fund consolidator' benefit from an accurate and consistent view of policies, transactions, liabilities and assets, to reduce the levels of capital it must hold, and to meet the Solvency II regulations.
In an increasingly competitive industry, insurers face a constant battle to innovate and transform their operations to cut costs and drive the efficiencies necessary to sustain margins, whilst differentiating themselves from their peers and generating profitable and sustainable growth.
Sopra Group can help organisations determine how to best deploy technology to support the activities required to ensure compliance. With over 25 years of working with some of the UK's largest insurers, we can help companies ensure that the significant investment required to meet the stringent demands of Solvency II is more than a pure compliance exercise, but is framed as a means of strengthening links between business requirements and compliance structures to drive efficiency. This requires closer integration of risk and risk management.
Addressing Compliance Issues
In order to provide realistic balance sheet valuation as the foundation for the development of a risk-based capital regulatory framework (a core tenet of the legislation) together with a realistic liability valuation, insurers must provide timely and accurate information from the business. This in turn will require timely risk and capital information to inform strategic decision-making.
As well as playing a key role in the calculation of capital, new technology should be viewed as an opportunity to improve existing processes and reporting tools. Sopra Group offers significant experience in the design and build of data marts and data warehouses that form the critical building blocks of the Solvency II response.