How SAS® Delivers Better Insurance Risk Management
Only SAS delivers comprehensive risk solutions that include AI and best practices to help you align strategies and goals across finance, risk, actuarial and regulatory compliance functions. With SAS, you can reduce the time and cost of compliance by ensuring data consistency, transparency and complete traceability, helping you maintain a competitive advantage.
Regulatory risk management
- Ensure Solvency II compliance with full support for data quality and reporting requirements, and incorporate any other Solvency directive.
- Extract, integrate and validate risk data from almost any source.
- Ensure transparency and traceability across the entire process.
- Handle stress testing capital requirements.
- Meet all IFRS 17/LDTI requirements for direct insurance and reinsurance, integrating risk and finance calculations and bridging the gap between actuarial and accounting systems.
- Better manage data collection and validation.
- Improve workflow management, supporting the orchestration of job flows, and take advantage of dynamic disclosures and dashboards to drill down into details.
- Generate cash flows as a starting point for IFRS 17 calculations.
- Use a built-in subledger to stage validated results for accounting system posting, allocation and aggregation, including preposting reports – aligned with your firm's accounting system – that support both multi-GAAP and multicurrency reporting.
Actuarial ratemaking & loss reserving
- Develop tariff models faster through an agile methodology that includes machine-learning techniques and high-performance simulation capabilities.
- Deploy tariffs into production quickly with the ability to embed complex models for real-time pricing optimization.
- Utilize reserving capabilities for complete integration with existing data assets and in-house reserve analysis to provide one version of the truth, with a full audit trail of actuarial decisions and reproducibility of the IBNR calculation and models.
- Monitor process and sign-off decisions, as well as automate and disseminate management reports, using an actuarial dashboard. Integrate with the rest of the business and get real-time feedback on reserving analysis decisions.
Why SAS® for insurance risk management?
SAS enables you to put on-demand, high-performance insurance risk analytics in the hands of your CRO and risk professionals. Balance short- and long-term strategies – while addressing changing regulatory requirements – with confidence.
Establish a firmwide risk technology foundation
Update legacy processes with a modernized risk and finance infrastructure that supports scalable, high-quality data, workflow, analytics and reporting.
Integrate risk & finance
A common platform supports Solvency II, IFRS 17/9 and LDTI, as well as other regulatory requirements, such as Risk Based Capital (e.g., ICS 2.0, C-ROSS, LAGIC) and Statutory Reporting (for US insurers).
Improve regulatory risk management processes for Solvency II compliance
SAS supports compliance for regulatory mandates, including Solvency II and similar directives.
Use AI and machine learning for competitive tariffs, optimized portfolios, real-time pricing, IBNR calculations and automated reserving processes.
We started small, with just a few simple rules for compliance, but the opportunities are huge. We saw the chance to make business improvements in claims, underwriting and policy handling, so we’re rolling out analytics across the business. Nigel Light Business Intelligence Analyst Ecclesiastical Insurance
How does a leading Canadian P&C insurer meet IFRS 17 regulatory requirements while supporting mission-critical financial operations?
SAS is helping the insurer:
- Ensure compliance with IFRS 17 by the January 2022 deadline.
- Adopt a modern platform with analytics capabilities for building new financial analysis scenarios.
- Consolidate financial data for all products and lines of business.
- Create a new generation of financial KPIs and have the capacity to create multiple financial analysis scenarios to support strategic business decisions.
How does a global organization that helps individuals and businesses with insurance and financial needs comply with IFRS 17 while ensuring that contracts are accounted for consistently across different companies and geographies?
SAS is helping the 140-year-old company:
- Meet reporting requirements at a more detailed level of granularity.
- Perform data reconciliations at different levels.
- Ensure data quality, governance, security and controls.
How does a UK insurer implement a data-governance program to ensure compliance with regulations, including Solvency II, and extend the benefits of data analytics into policy underwriting, claims management and customer service?
SAS helped Ecclesiastical Insurance:
- Improve data quality to make better decisions that enhance the reputation of the business.
- Adopt a foundation for compliance with Solvency II data management mandates.
- Reduce costs related to claims leakage and reinsurance purchase.
- Improve customer service.
Insurance Risk Management Products & Solutions
- SAS® Risk StratumAdopt a risk foundation that delivers three tiers of capabilities to match your needs, with each level building on the previous one to form a complete risk management foundation.
- SAS® Solution for IFRS 17Simplify your transition to the IFRS accounting standard with best-in-class models, workflow and reporting.
- SAS® Solution for LDTIManage, audit and trace all steps of LDTI compliance processes within a single, integrated environment.
- SAS® Solution for Solvency IIMeet evolving Solvency II compliance demands and gain a greater understanding of your company's risk and financial condition.
- SAS® Solution for Stress TestingMeet the challenges of supervisory stress testing, and establish a powerful data and modeling environment for scenario-based planning.