Using SAS® to manage Solvency II, Fennia Insurance will add business value
SAS® Risk Management for Insurance helps insurer with regulatory compliance, operational efficiency
Thanks to SAS® Risk Management for Insurance, Fennia Mutual Insurance Co. and Fennia Life Insurance Co. Ltd. see the mandates of Solvency II as an opportunity to generate added value for their business operations. The Solvency II Directive aims to harmonize the solvency, reporting and risk management requirements of European Union insurers. While helping Fennia meet Solvency II compliance, the solution from business analytics leader SAS will also improve internal analyses, reporting and risk management.
"SAS Risk Management for Insurance helps us to streamline our solvency calculations and reporting in accordance with the new requirements. SAS also offers excellent support for our internal risk management," said Raoul Berglund, Head of Risk Management at Fennia Mutual. "Good capital and solvency management supports sound decision making to plan and steer more efficient business operations. It is also the best way to protect the interests of the insured."
A SAS customer for 28 years, Fennia naturally turned to SAS to address the compliance challenge. SAS' solid insurance expertise includes a proven track record, with more than 40 European insurance companies already using SAS Risk Management for Insurance.
"Paired with SAS' extensive risk management experience, SAS Risk Management for Insurance will help Fennia meet the new requirements of Solvency II in an effective manner and improve its internal risk management," said Johan Sandell, Marketing Director for SAS Finland. "Our top experts understand the challenges of the new directive and speak the same language as our customers' risk management experts."
SAS Risk Management for Insurance offers a comprehensive, flexible solution to help meet all requirements of the Solvency II Directive. The solution is especially beneficial for stress-testing calculations and accurately planning for the impact of potential changes.
About Fennia Mutual Insurance and Fennia Life Insurance
Fennia Mutual Insurance Company is owned by its clients and has more than 70 years of experience in risk management and underwriting non-life insurance for business clients.
Fennia Life Insurance Company Ltd. is jointly owned by the mutual insurance companies Fennia (60 percent) and Pension Fennia (40 percent). Since Fennia Life belongs to the Fennia Group, it is managed in accordance with the principle of mutuality. Fennia Life, specializing in voluntary life, pension and deposit insurance policies, offers a range of insurance products that complement those of the owner companies. Along with unit-linked insurance products, the focus of Fennia Life's activities has shifted increasingly towards asset management.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions, SAS helps customers at more than 75,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world THE POWER TO KNOW®.