To help insurers effectively achieve compliance with Solvency II requirements across Pillars I, II and III and realize greater financial performance through better management of their capital, Oracle has announced Oracle Insurance Applications for Risk and Solvency II Compliance as part of the Oracle Financial Services Analytical Applications suite of products.
Oracle Insurance’s suite of advanced risk and compliance applications, powered by the industry-proven application infrastructure, provides insurers with a unified of view risk across multiple areas including insurance, market, operational, credit, liquidity and underwriting risks. It provides a single, enterprise-wide view of risk through “out-of-the box” business intelligence analytics. Oracle’s applications enable strategic decision making and capital planning with the extensibility and speed to meet future regulatory requirements, says the company.
Oracle adds that the pre-built, ready-to-deploy applications equip life, non-life, health and re-insurance institutions operating across multiple jurisdictions, to quickly understand and address Solvency II requirements, create a long-term solution to manage all of their data centrally and better manage their operational and market risks–all on a single unified platform.
The company adds that by leveraging the data quality, integrity, reconciliation and lineage tools available within the applications, insurers can rapidly and reliably increase the quality of their Solvency II reporting and related risk management processes. Workflows, notifications, security and full audit capabilities enable insurers to effectively address the Own Risk and Solvency Assessment.
Oracle’s offering for the insurance space includes Oracle Insurance Data Warehouse, Oracle Insurance Operational Risk Standard Edition, Oracle Insurance Operational Risk Enterprise Edition, Oracle Insurance Operational Risk Economic Capital, Oracle Insurance Market Risk, Oracle Insurance Market Risk Analytics and Oracle Quantitative Management and Reporting for Solvency II.
" To comply with Solvency II, insurers in Europe need to assess how they manage all solvency related data as the EIOPA December 2013 deadline approaches. Oracle's offering for Solvency II, based on Oracle Financial Services Analytical Applications, provides insurers with a ready-to-deploy solution that can accelerate the speed of compliance and reduce complexity. As important, it can provide the unified view of risk, finance and actuarial information that insurers require to optimize capital allocation and better position their organisations for success,” said S. Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications.
|
