white paper


Sofia Consulting

How to turn Solvency II compliance into a business improvement initiative


New year. New regulations. New rules. Is your organization ready to meet these new Solvency II regulations?

Author: Sofia Consulting


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INTRODUCTION

European insurers face many issues that need to be resolved before adoption of Solvency II in 2016. A significant amount of work is needed between now and the end of 2015 to address preparedness across all three pillars, with action needed especially for pillar 3. Studies show that insurance companies in the Netherlands are comparatively ahead in preparing for Solvency II pillar 3. Other EU countries have the opportunity to learn from the experiences of Dutch insurance companies to use best practices and avoid the issues and challenges faced by others. A number of Dutch insurance companies already have put integrated systems in place to calculate Solvency Capital Requirement and disclose QRT’s. This paper provides an overview of the experiences of some of these companies and documents how insurance companies benefit from implementing a process that not only addresses Solvency II but also prepares the organization for future requirements.

Table of Contents

  • The current status of EU insurers in preparing for Solvency II
  • The challenges of reporting Solvency II
  • Implement a Pre-Packaged solution for Solvency II
  • Main benefits of automating Solvency II
  • How to take on more than Solvency II
  • A proven implementation approach
  • Lessons learned
  • Customer example Menzis

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