Dongbu Insurance builds enterprise risk management system with SAS
Johannesburg, South Africa (21 Jun. 2011) – Korean-based Dongbu Insurance selected SAS for Enterprise Risk Management, from the leader in business analytics software and services, to build a firm-wide risk management system and help address regulatory concerns such as Solvency II.
Triggered by reinforced risk-based global regulatory measures for the insurance industry, Dongbu Insurance wanted to strengthen its risk management capabilities by securing risk data and systematic management.
Dae-Hee Hwang, Director of Risk Management at Dongbu Insurance and implementation project leader, said: "Globalisation of the financial markets and development of financial methods have emphasised global risk regulatory measures such as risk-based capital (RBC), Solvency II, stress testing and public risk disclosure requirements. In order to respond quickly to these measures, it is necessary to reinforce the securing risk data and internal risk management capabilities. With this project, Dongbu Insurance will be able to achieve better investment results by optimising its future investment strategy. Also, they will obtain better risk-based evaluations and more business opportunities by utilising the consolidated risk management system."
"With SAS for Enterprise Risk Management, Dongbu Insurance has a comprehensive solution that handles risk management in its entirety – from managing and converting insurance-specific data, generating and analysing individual risk, to standard and ad hoc reporting," said Eun-Chul Kim, Risk Intelligence Team Director of SAS Korea. "Based on this solution, this project will help support the company to implement the analytical infrastructure to analyse data and then create and manage models as needed."
SAS for Enterprise Risk Management enables insurers to perform risk analysis to calculate economic and regulatory capital. The framework includes comprehensive data management capabilities, assets and liabilities functionality, loss reserving techniques and aggregation of risk capital charges across the enterprise.
Since it was founded on 24 January 1969, under the philosophy of becoming a "good company", Dongbu Group has achieved its two ultimate goals of multiplication and specialisation – based on its presence in national backbone industries – and is now ranked as one of the top 10 corporate groups in Korea. Dongbu Insurance, which was launched as Korea's first public auto insurance company in 1962, became a member of Dongbu Group in 1983 and changed its name to Dongbu Insurance in October 1995. Dongbu Insurance then emerged as a prominent comprehensive non-life insurer in Korea, driven by its focus on customer satisfaction and sound financial status. Based on profit-oriented management, systematic loss-ratio management, top-notch ROE and ROA, Dongbu Insurance has posted surpluses for 16 consecutive years to lay a solid foundation for sustainable growth.
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