The introduction of the Solvency II Directive is transforming the way the European insurance industry manages risk and capital. While responsibility for compliance lies primarily with insurance companies’ risk and finance management functions, other parts of the business must also understand what the Directive means and adapt their behaviour accordingly.
For this to happen, it is essential that core business workers realise:
exactly what Solvency II involves
how Solvency II compliance affects them
what impact their actions will have on their company’s compliance.
Understanding that game-playing can lead to more effective results than other forms of training, PA Consulting Group has developed a Solvency II role-playing game for business management teams.
PA’s Solvency II game, intended for groups of six to 12 colleagues, shows how core business decisions (such as those surrounding acceptance or claims-handling policy), product development, product-portfolio management and pricing structures all have a direct bearing on Solvency II compliance.
In the game, participants make hypothetical management decisions in response to potential scenarios. Their decisions then inform the development of new scenarios, which in turn require new actions. During the game, a dashboard shows the performance of the participants in real time, presenting the final outcome of their original decisions and helping them understand exactly what Solvency II will mean for them.
PA is earning increasing recognition across the industry as a trusted advisor for firms grappling with Solvency II regulatory changes, and our roundtable discussions on how to respond to the challenges of Solvency II, attended by leading European insurance companies, have been heavily oversubscribed
Join our Solvency II Delivery Forum
PA hosts regular discussions and events to give Solvency II programme directors across the insurance industry the chance to share their experiences. The next of our quarterly events is due soon and will provide an opportunity to meet peers in other insurance companies and exchange views on what the directive means for your organisation.
To find out how to get involved in our Solvency II Delivery Forum, or to find how PA can help your organisation get maximum benefit from its Solvency II programme, contact us now.