Solvency II
ConVista expands its insurance services portfolio
The objective of the EU Commission’s Solvency 2 project is to introduce a risk based Solvency Capital Requirement – SCR.
These new guidelines are supported by qualitative requirements and reporting requirements. Insurance companies must prove to the regulator that their risk management systems and methods are safe, reliable and transparent.
To protect insurance companies from the possible consequences of insolvency, if a company’s solvency capital falls below the current level or even below the minimum capital reserve level, there will be consequences imposed by the regulator.
SAP AG offers their customers an integrated system to control risk. This system can be tailored to individual requirements, from the administration of financial instruments and their cashflows in FAM (Financial Asset Management) to risk analyses supported by MRA (Market Risk Analyser) and the development of a comprehensive and detailed reporting system. MRA is a powerful tool, which, amongst other things, provides risk evaluation for individual needs e.g. VAR or Monte-Carlo-Simulation. In this way organisations build stable systems, starting with an internal reliable approach and followed by a sign-off from the regulator. This also enables savings to be made in the financing of capital reserves.
ConVista intensifies its Solvency 2 Consulting activity
“ConVista experts help our clients identify their requirements as well as helping to develop user specific reporting. For a successful implementation of any solution an excellent technological understanding of all SAP Business Objects BI solutions is required, in addition to a good understanding of the business needs of our insurance customers,” explains Dr. Guido Helden, who leads the topic Solvency 2 at ConVista.
The new service offering is not limited to a technical solution for a single pillar. ConVista offers a comprehensive SAP “End-to-End” Insurance Analytics Solution based on a standard data management. This solution covers the creation of an integrated reporting architecture with SAP Business Warehouse and Corporate Governance Processes using SAP Risk and Compliance Access Control. The mapping of market risk for capital investments with SAP Market Risk Analyzer can also be realized.
