Solvency II: Revisiting the way people, technology and processes interact
In these turbulent times, insurers will have to cost-effectively meet Solvency II’s stringent requirements while preserving the highest quality level.
The Solvency II (SII) implementation deadline is getting closer:
Insurance companies are under pressure to quickly implement SII programmes to meet SII’s stringent requirements in terms of risk management, organisation, technologies and processes.
A recent survey conducted by Deloitte shows that most of the market is still diagnosing issues and assessing the impacts generated by the new directive. Indeed, many companies have undertaken gap analysis and begun to establish business cases but have not yet undertaken significant remediation programmes.
Meeting SII requirements is a complex undertaking requiring transversal action across all levels of the firm: the Board, risk management, IT, actuaries and compliance to name only a few. Getting these different elements to efficiently work toward common objectives, deliverables, dependencies and requirements is challenging at best.
While the economic situation encourages cost reduction, SII will impose insurance companies to take costly and time consuming actions in the coming years.
In order to control and reduce these costs, Deloitte has developed “Solvency II Accelerators” to help you quickly and successfully implement Solvency II.