Chartis Research published a report that highlights the Solvency II capabilities of SunGard’s iWorks and its leading position within the insurance 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 dated November 2011.
According to the Chartis report, 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. The Chartis report positions SunGard’s iWorks as a leading solution in helping insurers meet these challenges through better data quality and risk modeling tools.
Among the key findings of the Chartis report are:
• Confidence in data quality, and the processes and systems that source the data, is fundamental and crucial to ensure accurate models for calculating Solvency II capital requirements
• Lessons can be learned from banks’ experience implementing Basel II in terms of similar challenges, the evolution of technology offerings, and common success factors
• Increasing convergence of the banking, insurance and capital markets industries has led to enhancements in risk modeling tools and techniques
Peyman Mestchian, managing partner at Chartis Research, said, “Solvency II should be viewed as an opportunity for businesses to improve their risk management and understand their risks in a different way, and support informed decision making. It will also help with portfolio diversification and cost reduction, especially as international competition drives interest in cross border mergers and acqusitions. SunGard iWorks is helping insurers achieve greater visibility and risk control across their organizations.”
JP James, chief operating officer of SunGard’s iWorks Risk Management business, said, “As Solvency II looms large on insurers agendas and global competition intensifies, they are also focused on controlling costs, improving efficiency, and supporting growth in scale and functionality to keep pace. SunGard remains committed to delivering solutions that help insurers navigate industry change as complexity and regulators’ demands increase.”
To support the complexities of Solvency II, SunGard provides business consulting, technology and professional services. SunGard’s iWorks helps insurers manage their complex data needs and optimize end-to-end business processes, providing an enterprise risk management (ERM) framework that facilitates risk measurement, management and reporting, data warehousing, and business intelligence.
|
