Insurer santalucía trusts SAS® to help address Solvency II and integrate risk management
Building on its successful use of SAS in actuarial activities, Spanish insurer santalucía will use SAS Risk Management for Insurance to help meet Solvency II, Pillar I requirements to manage risks and calculate metrics. SAS, the leader in business analytics software and services, is a risk analytics solutions leader for the insurance industry.
With 370 agencies, 9,000 employees and 7.5 million clients throughout Spain, santalucía chose SAS to undertake multidimensional risk analysis that includes both the standard model approach and the ability to develop integrated internal models in the stochastic simulation engine. Among other things, the insurance company will be able to execute scenario simulations and stress tests – key elements in the corporate decision-making process as well as for addressing regulatory requirements.
The SAS solution for Solvency II includes an open, modular and scalable platform to integrate the necessary quantitative processes and calculations for integrated risk management, such as the Solvency II Minimum Capital Requirement (MCR) and Solvency Capital Requirement (SCR) calculations. The solution provides data integration and information management capabilities, as well as risk reporting and corporate dashboards.
The new management environment will provide santalucía with user and access management capacities so the company can share and access old projects and outcomes in an orderly way and on an interdisciplinary level, while also facilitating auditing tasks.
Meanwhile, santalucía will be able to reduce solvency capital by going beyond the standard model approach when deemed necessary according to its Solvency II road map. By optimizing its risk management program and using SAS to help address Solvency II requirements, santalucía is confident it can maintain its leadership position in the Spanish insurance industry.
santalucía is an insurance company with 90 years of experience covering risks relating to families. A network of 370 agencies and 9,000 employees throughout Spain allows santalucía to ensure the quality of life of its 7.5 million clients at all times with its useful, quick and efficient service. Having managed more than 1.1 billion euros in savings for our clients in 2010, and with a turnover of 1.17 billion euros in premiums, santalucía is the leader in the assistance and funeral insurance sectors and one of the top companies in the commercialization of home insurance, insuring 1 million homes.
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