Solvency II IT Vendor Spectrum
Insurance companies have been preparing for Solvency II for a couple of years, but not all have made their decisions about the technology still needed to address all elements of the new regulation framework.
In a new report, Solvency II IT Vendor Spectrum: 2012 Edition, Celent provides its analysis on how insurers need to answer important questions to identify what systems are missing within their existing IT landscape, how to fill the gaps, and which vendors are best placed to fulfill their requirements. Celent also provides a detailed description of IT vendors including Aon Benfield, BearingPoint, Effisoft, IBM, Intuitive Collaboration GmbH, Kalido, Kamakura Corporation, Moody’s Analytics, Oracle, SAP AG, SAS Institute, SolveXia Pty Ltd, SunGard, Wipro Ltd., and Wolkers Kluwer Financial Services.
“Based on our discussions with European insurers, we have noticed that the methodology used to align information systems to meet the new solvency regulation cannot escape the difficult dilemma of prioritizing a best-of-breed solution over the enterprise solution approach.” says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and author of the report. “but one argument in favor of the purchase of components or Solvency II solutions is certainly the support IT vendors can offer in terms of adaptation to changes to the regulation,” he adds.
This report provides a quick update on the Solvency II roadmap and recent implementation works. Then Celent reviews key questions for insurers. Finally the report profiles 15 IT vendors and Solvency II solutions.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
A Solvency II Update
Three Key Questions Insurers Need to Address Early
An Overview of the IT Vendor Spectrum
Aon Benfield: ReMetrica
BearingPoint: ABACUS/Solvency II
Effisoft SAS: Solvaset
IBM: Economic Capital and Solvency II
Intuitive Collaboration AG: PillarOne
Kalido: Kalido for Solvency II
Kamakura: Kamakura Risk Manager (KRM)
Moody’s Analytics: Fermat Solvency II and Barrie & Hibbert
SAP: SAP RDS for Solvency2 regulatory reporting
SAS: Risk Management for Insurance (RMfI) & SAS EGRC
SolveXia Pty Ltd: SolveXia Process Automation
SunGard Data Systems: iWorks ERM Platform
Wipro Ltd: iSOLV
Wolters Kluwer Financial Services: Wolters Kluwer Financial Services’ Solvency II Solution
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