In June, we had our first Solvency II day in Darmstadt (Germany) where insurance customers were invited to discuss with Software AG and FACT Informationssysteme & Consulting AG the challenges of the upcoming Solvency II regulatory. The big audience showed, that this is a hot topic in the industry, where information on best practices is highly welcome.
Solvency II is not just only another regulatory demand that needs to be followed – it can be also an opportunity to gain a competitive advantage by combining insurance specific processes to Solvency II regulations.
The speakers showed how - with the right company specific approach - insurers can meet all solvency II directives with a sustainable future proof risk-management system including all internal and external stakeholders of the company involved in Solvency II.
Next to the approaches recommended, the demonstrated Solvency II package contains all Solvency II directives, translated into understandable business requirements. Each requirement has been mapped to the reference insurance processes which can be implemented and linked to the functional roles that they affect. The customers agreed that with this predefined Solvency II content a single point of truth for all everybody involved within the enterprise dealing with risk and compliance management may be achieved.
Our consulting colleagues, Sven Roeleven and the partner SecondFloor, have summed up their findings how to create a step by step approach to Solvency II Compliance in the White Paper “Solvency II Content Package” - now available for download.
