The European Solvency II Directive aims to standardise solvency management across the industry. To realise the potential benefits, organisations need to make changes to processes, systems and controls across the entire business.
However, although most insurance companies now have a Solvency II programme underway, many are treating this as a technical problem. They are focusing on a bottom-up gap analysis against the technical requirements of the directive.
To realise the potential benefits of their Solvency II programmes, organisations need to articulate an overall vision of what is going to change, what the benefit of the change is, how it will be delivered and how much it will cost.
So how can you prevent the technical aspects of the new directive dominating your approach to Solvency II and jeopardising your programme’s success?
do not lose sight of what Solvency II really means for your business and how it will affect your people
minimise the costs of Solvency II by making use of existing technical capability and resist the temptation to grasp at expensive point solutions
establish a business-led programme, with appropriate governance, controls and sponsorship.
PA Consulting Group is providing advice, guidance and support to regulators and insurance firms on their response to Solvency II. For more information, watch our Solvency II video.
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.