White Papers
HOW TO SOLVE THE SOLVENCY II CHALLENGE
Solvency II is the new European directive and key regulatory requirement facing insurance firms operating within the EU. Due to take effect by the end of 2012, the changes are designed to increase protection for policy holders by ensuring the insurance market fully quantifies its risks and allocates sufficient capital to protect their businesses should difficult conditions (especially market conditions) arise.
Despite the tight time schedule, becoming compliant with Solvency II should be seen as a great opportunity for the insurance industry. The directive makes companies look at every aspect of their business, creating a valuable opportunity to introduce improvements. By defining their own risk profile companies can implement an effective, integrated risk management system.
Insurance companies can learn a lot from the issues banks faced during Basel II implementation. To avoid underestimating risk exposure, insurance companies must ensure the quality of their data is good enough to perform accurate risk calculations.
Throughout this document you will find specific examples of how the Turaz Solvency II solution has helped clients prepare for the forthcoming requirements. Key areas such as data management, analytical capabilities and business intelligence are illustrated.
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