With an October 2012 implementation deadline set by the European Commission, Solvency II legislation aims to fundamentally revamp the current European insurance solvency framework and has evolved from the Basel II three pillar approach for banking regulation.
With the prime objective of strengthening policyholder' protection by far more closely aligning capital adequacy to the integrated risk profile of the company, it seeks to promote a risk-based culture in the day-to-day governance, operations and decision-making of the business.
Client Challenges
Solvency II framework demands for a formalised system of governance capable of demonstrating clear allocation of responsibilities and effective reporting lines. Companies must conform to 'fit and proper' standards of integrity and professionalism of all those associated with the framework' operations and functions. This may translate to changes in the organisational structure and new functions being created or outsourced.
Moreover, rather being a One Size fits All legislation, the proposed governance model would be proportionate to the nature, scale and complexity of the operations which would require (re)insurance undertakings to have well documented policies in relation to risk management, internal control, internal audit, and outsourcing.
What Birlasoft Provides
By engaging an in-house Insurance Value-Added Consultants, an established line of DataWarehousing - Analytics - Reporting CoE, and capabilities in the SAP / Oracle ERP systems, Birlasoft provides niche solutions within the required system of governance.
Birlasoft offers to enable organizations' Human Resource Management Systems become Solvency II regulations compliant. Data Management integrated with Advanced Analytics and Reporting is another niche solution within Birlasoft' solution offerings space.
Birlasoft Value
Birlasoft's entire solution space enables (re)insurance undertakings to:
- Perfect alignment to the system of governance laid down in the Solvency II framework.
- Advanced data management and analytics for improved strategic decision-making
- Clear reporting lines and structures dictated within the legislation