Terra Insurance, a subsidiary of the Terra Group, is using SAS Risk Management for Insurance to help it meet Solvency II requirements by managing risks and calculating metrics. Automating the reporting process will reduce organizational strain for the company. The solution also will provide full traceability and required documentation in line with regulations.
“The regulations are the same for all insurance companies, regardless of size,” says Hans Olav Høiby, risk manager at Terra Insurance. “Being relatively small compared to our international competitors, it is key for us to use to the Solvency II regulations to improve our internal processes. We can use insight from the required project to develop additional business opportunities, such as tailoring new products.”
SAS says its software uses Solvency II standard formula for the quantitative requirements of the regulations and provides support for Own Risk and Solvency Assessment reporting. Terra recognized the value of working with companies that bring experience from similar projects.
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