âRecent high profile scandals, the global financial crisis and specific EU Solvency II requirements will fuel this growthâ comments Chartis, âThe new requirements will have a profound impact on the technology strategy of many insurance companies. IT departments will need to review their strategies for enterprise technology architectures, data management processes, business intelligence and analytics capabilities. Moreover, these IT departments need to facilitate the integration of risk and finance functions and systems.â
The Chartis report identifies the leading software vendors positioning for the Solvency II marketplace and describes the competitive landscapes. It also highlights best-practices and some of the potential pitfalls to be avoided.
âThere are some important IT lessons to be learnt from the recent Basel II experience in Europeâ comments Chartis, âwith appropriate planning, insurance companies can turn Solvency II into an opportunity for implementing cost-effective, robust and scalable IT platforms for managing risk, finance and performanceâ.