To help insurers achieve compliance with Solvency II requirements and realize greater financial performance through better management of their capital, Oracle announces Oracle Insurance Applications for Risk and Solvency II Compliance as part of the Oracle Financial Services Analytical Applications suite of products.
Oracle’s suite of advanced risk and compliance applications provides insurers with a unified view of risk across multiple areas including insurance, market, operational, credit, liquidity, and underwriting risks. It provides an enterprise-wide view of risk through “out-of-the box” business intelligence analytics. Oracle’s applications enable strategic decision making and capital planning with the extensibility and speed to meet future regulatory requirements.
“To comply with Solvency II, insurers in Europe need to assess how they manage all solvency-related data as the EIOPA December 2013 deadline approaches,” saysS. Ramakrishnan, group vice president and general manager for Oracle Financial Services and Analytical Applications. “Oracle's offering for Solvency II provides insurers with a ready-to-deploy solution that can accelerate the speed of compliance and reduce complexity. It can provide the unified view of risk, finance and actuarial information that insurers require to optimize capital allocation and better position their organizations for success.”
The pre-built, ready-to-deploy applications equip life, non-life, health, and reinsurance institutions operating across multiple jurisdictions to understand and address Solvency II requirements, create a long-term solution to manage all of their data centrally, and better manage their operational and market risks.
By leveraging the data quality, integrity, reconciliation and lineage tools available within the applications, insurers can rapidly and reliably increase the quality of their Solvency II reporting and related risk management processes. Workflows, notifications, security, and full audit capabilities enable insurers to effectively address the Own Risk and Solvency Assessment.