Insurers
Developments in Insurance Industry
Next to the worldwide trends in Finance industry, insurers are facing specific business issues and challenges; Solvency II, transparency
Solvency II
All European insurers have to be compliant with the guidelines of Solvency II by November 2012. Solvency II is a fundamental review of the capital adequacy regime for the European insurance industry. It aims to establish a revised set of EU-wide capital requirements and risk management standards that will replace the current Solvency requirements. Central elements of the Solvency II regime include:
- Demonstrating adequate Financial Resources
- Demonstrate an adequate System of Governance
- Supervisory Review Process
- Public Disclosure and Regulatory Reporting Requirements
The Solvency project should lead to a new solvability framework, based on a branch consistent assessment that makes sure that the financial demands reflect the risks for insurers in a better way. The strengthened regime should reduce the possibility of consumer loss or market disruption in insurance. Solvency II will have a significant effect on strategy, organization, processes, communication, reporting, products, personnel and professionalism.
Our vision & experience
Insurers are facing business issues of different nature. More than ever flexible It solutions are required to support the business. These slotions need to be compliant with the changing legislation and regulations.
Valori experts know the industry and are well served with the European legislation and regulations (Solvency II). Valori offers tailor-made solutions that form the success of your business to face the specific challenges in your market. The Valori innovation team knows the ins and outs of Solvency II and can guide insurers on extensive IT projects that are needed to comply with the Solvency II guidelines. For more information about our Solvency II service package, contact us.
