Enterprise Risk Management
Chartis Research published report highlighting the Solvency II capabilities of SunGard’s iWorks
The report also highlights SunGard’s leading position within the competitive landscape, as well as the business and technology requirements and implementation challenges of insurers. Chartis named SunGard the top provider in the Insurance vertical category in its most recent RiskTech100® rankings. Preparation for Solvency II, due to be implemented by January 2014, is a priority for most European insurers for calculating their capital, assets and liabilities and implementing risk management processes and systems. For an insurer, non-compliance can mean additional capital requirements, potential loss of rights to trade, and overall a weakened competitive position. Challenges remain in interpreting the regulation’s complexity, the potential cost of implementation and a tight timetable. Download this report to learn how Chartis positions SunGard’s iWorks as a leading solution in helping insurers meet these challenges through better data quality and risk modeling tools.
Liberty Life is Achieving Greater Control Over Actuarial Data
The insurance industry continues to face increased competition and more stringent regulatory requirements, which is driving carriers to seek greater visibility and risk control across their organizations. SunGard’s iWorks solutions can help carriers achieve an enterprise-wide view of risk by providing greater transparency and visibility. By providing a clear view of risk, iWorks provides carriers with the information necessary to make more informed business decisions and communicate those decisions clearly to all stakeholders. Click here to learn how Liberty Life is using SunGard iWorks risk solutions to improve process efficiencies and achieve greater control over actuarial data.
Simplify and Streamline Your End-to-End Reporting
Today, most insurers manage risk data within each discipline without a cohesive view of the exposure throughout the business. Upcoming regulatory changes, such as Solvency II (EU), SAM (S. Africa), and Principles-based approach (US), will require that insurers integrate risk operations and implement an enterprise level of governance and control for processes and data management that is fully transparent and auditable. This will require the implementation of a comprehensive Enterprise Risk Management (ERM) frameworks that enables sound risk decisions.
The iWorks ERM Framework is anchored by iWorks Prophet, a risk management platform for insurers that supports Solvency II and other global regulatory reforms. The iWorks Prophet Results Database component enables rapid, secure, and flexible data transfer of risk results with exceptional data transfer speed, flexibility and control. With this module, actuaries can easily manipulate data, as well create an enhanced audit trail in support of Solvency II reporting requirements. Designed specifically for organizations looking to streamline end-to-end reporting and simplify Solvency II or ERM processes, the high-performance Prophet Results Database component can easily adapt to evolving reporting needs. Click Here to Learn more about Prophet Results Database.
Risk Now Central to Strategic Decision Making
In this age of volatile global markets and sweeping regulatory reform, insurance regulators and ratings agencies are compelling insurers to embed enterprise risk management into organizations and place risk at center of all strategic decision making. To do so, insurers need powerful enterprise-level risk modeling capable of managing risk across multiple regions - as well as easy-to-use tools to quickly comply with regulatory reform and make sound decisions based on current market conditions. Download our free Solvency II whitepaper to learn more.
Solvency II Expected to Have Unprecedented Impact on Insurers and Reinsurers Worldwide
Solvency II is quickly gaining momentum across the European insurance landscape. With a fast-approaching 2012 compliance deadline, and several near-term interim deadlines, compliance with these new regulatory requirements demands exceptional effort. But, the potential cost of non-compliance is expected to be significant as ratings agencies gauge insurers’ compliance progress as an indicator of financial strength. Will solvency II work, and, if so, can it be used as a template for insurers beyond the European Union? Implementation milestrones for Solvency II are coming up fast.