Industries / Insurance

Solvency II Compliance

Ensure compliance while reducing risk and increasing stakeholder confidence

Covering more than 30 countries, Solvency II represents the biggest exercise ever in creating a single set of regulations for the European insurance industry. It will replace the current patchwork of varying domestic standards with more harmonized requirements that will make it easier for firms to do business across the EU. While some insurance companies may view Solvency II compliance as just another EU regulatory requirement, more progressive insurers will see an opportunity to introduce risk management into daily business practices as a way to gain competitive advantage.

Industry Fact

A 2008 survey of insurance executives revealed that among respondents: 93 percent believed that Solvency II would increase the importance of risk management capabilities, and 86 percent said that their organization's risk culture and quantitative risk management need improvement.

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How SAS® Can Help 

Insurance companies that treat Solvency II as a pure compliance exercise will be making a mistake. Instead, insurers should focus on identifying the commonalities between business needs and compliance requirements, because doing so will create opportunities to improve overall business efficiency and strategic planning. With SAS Solvency II solutions, you can:

  • Meet Solvency II requirements with a risk framework that supports both standard and internal model approaches.
  • Reduce the impact of risks by applying advanced analytics that enable insurers to anticipate enterprise risks and initiate risk control measures to mitigate losses.
  • Lower your total cost of ownership with a single, integrated solution.
  • Ensure transparency and traceability across the entire process.

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How SAS® Is Different 

Recognized as the industry leader in analytics, SAS provides capabilities to help insurers comply with the Solvency II regulations and beyond. With SAS you get:

  • A robust risk analytics framework.
  • A data repository and insurance-specific data model.
  • Superior data integration capabilities.
  • Flexible reporting capabilities.
  • Easy integration into risk software and insurance applications.

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Related Products and Solutions

SAS® Risk Management for Insurance

SAS Risk Management for Insurance is a comprehensive solution for performing risk analysis and risk-based capital calculation for insurers. The solution enables life and P&C insurance companies to implement the Solvency II standard model approach for calculating risk-based capital and is built on a robust data management and reporting platform that includes an insurance-specific data model for complex risk analytics.

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SAS® Enterprise GRC

SAS Enterprise GRC strengthens governance and trust with systematic management of risk. It detects and helps prevent violations, allowing you to align strategy with risk appetite. The solution builds a reliable view of risk compliance, facilitates collaboration between GRC teams and reduces the cost of risk management through automation.

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