Altus

With the already extended deadline for Solvency II poised to be delayed for another year, is this the time for insurance companies to reflect on their approach? Could your short term solutions be turned into long term strategic moves? Should you be adding an extra round of dry runs to test OSRA production? Or perhaps you should re-consider something more basic such as infrastructure capacity, which has been typically not well understood and as a consequence often over-specified. Whatever stage your Solvency II programme has reached, it must at least be worth pausing for thought.

The three Pillars of the Solvency II regulations require insurance companies to define their own risk profile through modelling and demonstrate that they have in place both sufficient capital and the appropriate governance and risk management processes to run the business.

To meet these obligations insurance companies will have to make significant changes to their systems, processes and reporting. Providing improved Risk Management through accurate, timely and agile reporting with traceable data lineage and accountability. However this will increase reliance on management information, squeeze the available time for report production and require a major re-design of statutory and regulatory solvency reporting processes.

Altus provides systematic, structured and practical approaches to support and help your Solvency II programme at every stage. Our methods can identify the impacted areas of your firm and then drive both cultural and process change, provide you with reassurance that your business and IT solutions meet the regulations and help you tune and size your infrastructure to prevent poor performance and unnecessary hardware spend. All of our offerings will help you deliver the all important Solvency II compliance for your business.