Insurer santalucía trusts SAS to help address Solvency II and integrate risk management
Insurer extends use of SAS to risk management
22 February 2012 - 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 optimising its risk management programme and using SAS to help address Solvency II requirements, santalucía is confident it can maintain its leadership position in the Spanish insurance industry.
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 55,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world
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