Making the case for Solvency II technology
The role of the CIO
Solvency II requires that by the end of 2012, insurers will be able to calculate their risks and capital requirements in a controlled and auditable way that is demonstrably used in business decision-making. Although the Directive does not overtly specify technology requirements, it is clear that technology will have a central role to play in delivering future compliance. For most organisations this will mean implementing a significant IT programme for Solvency II.
In this article we consider the role that technology will play in achieving Solvency II compliance and we outline the key elements required to deliver a Solvency II technology programme. We also look at the role and influence of the CIO and the challenges they face in implementing a technology programme for Solvency II.