Solvency II forever moving forward
Implementing Solvency II in fullness of time, that the FSA allows, is the next daunting test and task for Insurers and like changes of the past decades will create further layers on the framework, that the Insurance Industry will have to work within. When combined with the RDR, effect on the operational and corporate models is dramatic.
There is also a growing realisation that although the ‘Pillars’ have been in lot of cases been approached as separate projects; new ‘Pillar’ models need to be integrated and any changes are reflected throughout the organisation. Plus that when there are changes at operational or product levels that the key management data changes reflects the new environment, ensuring the institute can be managed in a proper and fitting way.
When you combine this with minimum requirements of the ORSA which the FSA have deliberately not “prescribed” models will need to reflect the unique and ever changing risk profile of the Institute. Solvency II will require systems that use data and produce Managment and Executive Information on a regular and timely basis, neither of which has been required before.
All of this can create huge expense and an ineffective operating model that may not even be correct for your Institute, especially if not implemented by teams who are experienced, knowledgeable and who understand your individual organisational requirements.
aSource Global’s Solvency II ‘Health Check Solution’ provides insurance companies with an approach, to what can be a mammoth task into smaller logical and cost effective steps. In particular to help create a unique and appropriate model for your Institute, with the minimum amount of change whilst managing investments in a way that makes commercial sense.
An overview document of the aSource Global ‘Health Check’ (Life and Pensions Model, GI available on request), that is designed to act a template to identify actions whether simple or complex to assist in completing your Solvency Operating Model, will be sent on request. Contact us here