As the European Union’s Solvency II requirements loom just over the horizon, insurers are scrambling to make sure their risk management solutions are up to the task.
A new report from Boston-based Celent, Solvency II IT Vendor Spectrum, takes measure of 17 vendor solutions that might help insurers improve their risk management framework and comply with Solvency II. While some vendors offer multiple solutions that a broad swath of the requirements, others provide targeted solutions covering specific functional elements.
Yet, Celent Senior Analyst Nicolas Michellod, who authored the report along with Celent Analyst Arin Ray, says carriers looking to ready themselves for the challenges presented by Solvency II need to do a thorough evaluation of their existing risk management model and processes, a careful analysis of the desired framework, and then implement a plan of corrective actions to adjust and align the existing risk management framework.
"Insurers need to define a clear roadmap to get ready for Solvency II before selecting which IT vendors to work with," Michellod says. "Solvency II is not just about IT alignment; it also relates to various resources. However, insurance companies that neglect the importance of IT alignment in the frame of their Solvency II preparation program will be less inclined to gain competitive advantage."
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