Accenture will team with SAS Institute to implement the SAS Risk Management for Insurance solution group-wide at Folksam, one of Sweden's largest insurers, to help comply with the Solvency II directive’s legal reporting requirements.
Folksam selected the SAS Risk Management for Insurance solution late last year. In February, SAS Institute selected Accenture to help implement the solution at Folksam.
The solution will be used by the entire group, which comprises Folksam General and Folksam Life, the group’s non-life and life insurance companies, and their subsidiaries.It is designed to help Folksam increase the automation of solvency-related calculations and reporting under the European Union’s Solvency II directive, while enhancing the traceability of its solvency data.
“As a customer-owned company, our policyholders have always been our most important stakeholders,” said Catrina Ingelstam, Folksam’s cfo. “By enhancing our asset calculation capabilities and reporting to support Solvency II, this agreement will help increase the security of our owners and policyholders.”
“To address directives such as Solvency II, European insurers must focus on data quality and data governance issues to achieve a more integrated and holistic view of data management and processes,” said Per Österman, head of Analytics for Accenture Nordics. “Our people can help clients redesign how data and fact-based insights get embedded in key processes, which is critical to improving operational excellence, product leadership and customer intimacy.”
“Proper Solvency II compliance will lead to higher quality risk management, better risk sensitivity and a stronger risk culture,” said Eva Dewor, managing director for Europe, Africa and Latin America, Accenture Finance and Risk Services. “With a sound structure supporting data management, financial reporting and disclosure, risk management, and capital requirements, insurers will be well-positioned to achieve high performance in the post-Solvency II environment.”
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