Technology for Solvency II

The second annual report where Solvency II leads, insurance risk officers, operations officers and senior board and management personnel analyse the key issues in utilising technology to meet and satisfy the upcoming Solvency II framework and requirements leading up to enforcement

As part of the fourth Quantitative Impact Study (QIS4), 11 percent of insurers failed to meet the Solvency Capital Requirement. With further impact studies anticipated to conclude in higher failure rates, especially for smaller, regional insurers, the full challenge of complying with Solvency II requirements is becoming clear. Further to this, some industry professionals are estimating the cost of compliance for larger UK insurers to exceed £200m, with as much as 65% of spending allocated to technology.

Technology for Solvency II is the second annual report focussed on the role of technology in insurers organisations. Led by 15 of Europe’s most well-known insurance experts, the report examines both the macro questions surrounding the changing nature of Solvency II right through to the micro issues of utilising technology across borders, product groups and to meet specific operational and risk challenges.

Issues to be covered will include:

Interpreting the directives and what they truly mean
Will local regulators treat the transitional measures differently in individual countries
Adapting, updating or outsourcing systems – ensuring compliancy with Solvency II
Ensuring compatibility of data systems across borders and between different data centres
Utilising the reporting data for different purposes to be more cost effective
What knock-on effects will compliance with Omnibus II have onto preparations for Solvency II?
Engaging the board and management in Solvency II requirements
Cross border issues and compatibility of systems regardless of geography

The insights of the contributors will be complemented by a limited number of service providers to provide an industry wide picture.

This will be an ideal opportunity for product and service providers active in the European insurance technology sector to promote their specific offerings and identify pension plans and corporate sponsors who are seeking a longevity hedging solution now.

Key service and product providers this report is suitable for include: