Terra Insurance picks SAS® for risk management, decision support
SAS® Risk Management for Insurance supports Solvency II compliance
Terra Insurance is using SAS® Risk Management for Insurance to help it meet Solvency II requirements by managing risks and calculating metrics. Automating the reporting process will reduce organizational strain for the subsidiary of the Terra Group – one of the largest providers of financial products and services in the Norwegian market. The solution will also provide full traceability and required documentation in line with regulations.
How enhanced risk management – particularly the associated data quality and analysis – contributes to business advantage has captured executive attention at Terra. "The results of the risk calculations and aggregations give us a better foundation and qualitative support for strategic decisions," said Hans Olav Høiby, Risk Manager at Terra Insurance.
"The regulations are the same for all insurance companies, regardless of size," said Høiby. "Being relatively small compared to our international competitors, it is key for us to use to the Solvency II regulations to improve our internal processes. We can use insight from the required project to develop additional business opportunities, such as tailoring new products."
The software from business analytics leader SAS uses Solvency II standard formula for the quantitative requirements of the regulations and provides support for ORSA-reporting.
Terra recognized the value of working with companies that bring experience from similar projects. "When choosing SAS, we stressed the need for a vendor that could deliver more than a mere technical solution," said Høiby. "SAS' advanced knowledge helps us develop an overall picture of our challenges – which is important for a small company like Terra."
"This contract with Terra strengthens SAS' position as a leader in the insurance software market," said Kåre Nygård, CEO of SAS Norway. "We have more than 35 years of experience within the insurance sector and more than 1,200 insurance clients worldwide. Providing improved information management and vital business data is crucial at all levels in the insurance business for operational efficiency and strategic management."
Learn more about SAS solutions for Solvency II compliance.
Terra Insurance is one of the product companies in the Terra Group, and offers both damage and life insurance. The Terra Group is both a financial group and a banking alliance, offering a complete infrastructure platform and a full portfolio of financial products for banks. The Terra Group is owned by 79 independent and local Norwegian banks and OBOS (Oslo cooperative building association). The shareholders are also the main distributors of the group's products and services, and constitute a total of about 1 million customers. See www.terra.no/english for more information.