Moody’s Analytics today announced that Skandia has selected Moody’s Analytics’ RiskIntegrity™ software to enhance its risk management architecture and help it comply with Solvency II.
The RiskIntegrity framework is an integrated solution to assist with managing insurance regulatory capital calculation and reporting. The platform enables the consolidation and cleansing of data from multiple sources while offering calculation engines which natively embed Solvency Capital Requirement (SCR), as well as integrated regulatory reporting capability, to produce quantitative reporting templates (QRTs) in an efficient and timely manner .
Skandia chose Moody’s Analytics Solvency II solution for its out-of-the box regulatory capabilities and user-friendliness. Another factor was Moody’s Analytics’ expertise, both in terms of regulation and implementing software solutions for large, international organizations.
“Moody’s Analytics offered us the best solution to help us meet regulatory requirements for our operations and Moody’s Analytics has the technological sophistication and expertise, delivering risk management projects for large organizations. We preferred the solution’s integrated regulatory reporting capabilities, which leverages the same data used for the SCR calculations. This will save us vital time and effort when carrying out our quarterly reporting,” said Håkan Ljung, Chief Risk Officer at Skandia.
Andy Frepp, Managing Director of Insurance Solutions at Moody’s Analytics, said: “We are proud and pleased that Skandia has selected our solution for their Solvency II project. Recent regulatory updates are revitalizing the market in which the Nordic region is very active, and this new relationship underscores our commitment to continue serving both this area and the rest of Europe as we grow our business.”
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