Two part webinar series
Solvency II went live in January 2016. For most insurance companies this involved a very costly implementation programme stretching back over the last 5 years. What lessons can the industry learn from the experience? How will insurers deal with future Solvency II compliance updates by EIPOA and the PRA, or handle model changes for those with internal models? What are the implications for future compliance programmes such as IFRS? How can we increasingly make compliance a normal operational process throughout the organisation?
Solvency II and beyond - the continuing data challenge
The demands of Solvency II in the areas of data quality and data management have been a significant challenge for many insurers. At its core Solvency II drives a combination of extremely complex quantitative calculations and firm-wide risk management and governance processes, with a focus on auditability and transparency. This in turn necessitates a very high standard of data quality and data availability, as well as proper data controls and policies.
As the industry now moves into ‘business as usual’ operational mode, it is likely that any weaknesses or inefficiencies in data management will be exposed by the demands of regular reporting and supervision. The PRA has already highlighted concerns in this area.
How can SAS help insurers to deal with these challenges and built robust data management processes for Solvency II and future compliance programmes?
Solvency II and beyond – turning the reporting challenges into opportunities
Meeting the regulatory reporting requirements of Solvency II has been a major challenge for many insurers. An enormous number of reporting templates (which are likely to increase further in the future), reduced reporting timelines by 2019 and regulatory updates on a regular basis will make Solvency II an ongoing project. However, there is also an opportunity to use the detailed analysis and data involved in Solvency II compliance to optimize your business – especially if you are running partial or full internal models.
Aligning your Solvency II compliance efforts with your business strategies in the areas of underwriting, reserving, reinsurance and capital can drive better understanding of your overall risk exposure and enables you to concentrate on your most profitable business areas.
How can SAS help insurers to manage current and future compliance issues and turn the regulatory reporting challenges into business opportunities at the same time?
EMEA Industry Principal Consultant, Insurance Practice, SAS
Norman Black is the Industry Principal Consultant for Insurance in the EMEA region at SAS. His role is to work with clients, partners and analysts in Europe, the Middle East and Africa to position SAS’s insurance industry strategy and solutions. He is also responsible for advising SAS on insurance business and technology trends and the development of future solutions for the insurance sector.
Norman has more than 25 years experience of working with the global insurance sector. Prior to joining SAS, Norman was involved in major transformation programmes in a number of European insurance companies, as well as promoting the development of product configuration solutions for insurance companies in Japan, the USA and South Africa.
Norman has a BSc in Law and Economics from Southampton University and completed an insurance MBA programme at City University Business School in London. He is based in London.
Global Business Development Manager Insurance, SAS
Thorsten Hein has held the title of Business Development Manager Insurance already since he joined SAS in 2004. At the ‘SAS Risk Research and Quantitative Solutions’ department, his responsibilities include global risk management operations for the insurance division with a special focus on the European Union’s recent Solvency II regulations, and increasingly, with similar directives in non-EU countries.
With both his deep knowledge of insurance business and of risk management Thorsten Hein has also become a trusted advisor for insurance companies regarding the different aspects of value-based management.
Previously, Thorsten has been working for more than ten years for renowned providers of business intelligence solutions. Having started his career at the headquarters of Allianz Insurance in Germany, from the very start his main focus was always serving companies in the insurance and financial industries.