OAC says that insurers’ are more worried about the future plans of regulators and how that may impact their business rather than Solvency II. The findings are from a delegate survey carried out at OAC’s first international user group conference for its global financial modelling solution, Mo.net, last month.
Whilst insurers may still be spending considerable amounts of time preparing for Solvency II, with the deadline now just over a year away, most insurers are well down the road to implementation and assessing the impact on their business. Indeed, 60% of respondents said they are only either ‘slightly worried’ or ‘not worried’ about Solvency II. In contrast, just 30% of those who responded to the survey said they were either ‘very worried’ or ‘worried’ about Solvency II. The bigger concern for many is how they will be impacted by any future regulations whether from the EU or the UK.
The event was held last month in London to discuss the financial modelling issues affecting the financial services and actuarial industry as well as how Mo.net, supported by OAC, can help its clients overcome them. It was attended by users from countries such as Switzerland, Israel, New Zealand and the UK.
Nigel Gardner, head of global sales for Mo.net, at OAC says:
“Despite what we are hearing in the media about Solvency II most insurers are now well into their preparations for the regulation and understand what they need to do to be compliant. Of far greater concern to them is the impact of future regulations and how they may have to adapt to these."
“Our user group meeting was designed to bring together our clients to talk about the common issues affecting them all and discuss how they can be overcome. It’s important to hear feedback from the user group as their opinion is crucial to the future and development of Mo.net”
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