Oracle announced the availability of Oracle Insurance Solvency II Analytics, which can help insurers to quickly understand and comply with Solvency II reporting requirements and better assess and manage risk using a single unified platform.
Solvency II requires insurers to prove to regulators that they have enough capital in reserve to remain solvent. As part of the mandate, insurers must provide visibility into how they manage all solvency-related data, as well as how that information is used and incorporated into reporting - creating significant compliance challenges.
The Oracle Insurance application provides extensive out-of-the-box reports and dashboards designed to cover Solvency II Pillar 2 and 3 requirements, enabling insurers to accelerate compliance with pending European Insurance and Occupational Pensions Authority (EIOPA) deadline of January 2014 and gain the visibility required to improve capital management.
Oracle Insurance Solvency II Analytics is designed for life, non-life, health and re-insurance institutions. It delivers insight into business performance, risk profile, technical provision, claims, capital adequacy and other key metrics.
It features ready-to-deploy reports, helping enable insurers to comply with Solvency Financial and Condition Reports (SFCR), Report to Supervisors (RSR) and Own Risk and Solvency Assessment (ORSA) requirements.
Insurers also have the flexibility to create ad-hoc reports and customised dashboards to meet changing business needs.
The application's flexible, drill-through functionality enables detailed analysis of capital adequacy and risk results across multiple dimensions - such as solo, group, line of business or legal entity. This can give senior management complete, consistent and multi-dimensional views of various risk and performance measures. Finance and risk officers can also perform "what if" analysis to support better decision-making around their finance and risk portfolios.
"Solvency II is putting pressure on European insurers to add a new level of rigor to their finance and risk processes. Oracle Insurance Solvency II Analytics' extensive reporting and dashboards are designed to ccover Solvency II Pillar 2 and 3 requirements, helping insurers to reduce the risk associated with pending deadlines and achieve greater financial results through better management of their capital," said S. Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications.
"Decision makers also suggest that selecting a Solvency II system is not just a question of functionality -flexibility is just as important," said Peyman Mestchian, Managing Partner at Chartis Research. "That means system architecture, ease of integration and an enterprise approach to modeling, analytics and reporting will be important."