Allianz Group signs Dutch IT services company SecondFloor on ambitious risk management project

5 August 2008

SecondFloor, a rapidly expanding IT services company based in The Netherlands will take a core role in an ambitious project to develop a risk management platform for Allianz Group. The custom built solution provides Allianz with auditable, automated, centralized and SOX compliant risk calculations on the basis of a new replication portfolio approach. SecondFloor will be responsible for the analysis, information architecture, server based implementation, testing, deployment and support, providing Allianz with a robust, reliable and auditable solution.

Martin Knook, CEO of SecondFloor explains: We share the Allianz ambition to move from getting the numbers to actually using the numbers. We are delighted with the opportunity to provide a Risk Platform that offers risk computation on group level; we’ve been down this road before – we have won an IT innovation Award with a similar solution - and we know we have an exciting project ahead of us. Our team is fully committed to deliver the right solution within the ambitious timeline of 12 months.

Andreas Kunze, Co-Project Manager from Allianz, describes the benefit as follows: This system allows to improve risk management and control significantly and becomes a core pillar to fulfill forthcoming Solvency II requirements. We have been impressed by the professionalism of SecondFloor in the conception phase and appreciate their full commitment to support our aggressive time line and targets.

The SecondFloor solution will primarily collect and process information from the various Allianz subsidiaries worldwide. The gathered data will be fed into an existing calculation engine in a controlled manner. After calculation, SecondFloor technology ensures that the results are presented in a standardized reporting format and can be distributed to the board, within the Allianz organization and even to outside parties like supervisory bodies.

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