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.