SAP Offering Helps Insurers With Approaching Solvency Requirements

SAP has released a new rapid-deployment solution designed to help insurers located or doing business in the European Union (EU) meet the stringent reporting requirements of the Solvency II Directive and its fast-approaching deadlines. The SAP Solvency II Regulatory Reporting rapid-deployment solution provides a cost-effective fast track for insurance companies to make public disclosures through regulatory reporting as required under the far-reaching mandates of Solvency II. In turn, the improved transparency will also help European officials better determine compliance and enforcement of the new regulation, SAP says.

As pending deadlines draw near, Solvency II regulation will require insurers located or doing business in the EU to calculate and document solvency through detailed public reports and audits. A number of businesses will likely have difficulty meeting the requirements. Business analysts say that the changes required will be monumental, with the potential to cost insurance companies billions to redesign their infrastructure and policies and train their workforce. The SAP Solvency II Regulatory Reporting rapid-deployment solution is intended to streamline this entire process to ensure compliance.

Built by insurance experts and tested by consultancy firms such as Accenture and PWC, this SAP solution helps insurers reengineer their reporting processes. Pre-configured quantitative templates and reliable data sets pooled from multiple source systems are key in generating detailed reports quickly, SAP says.

SAP Rapid Deployment solutions are designed for customers to go live within 12 weeks or less through a complete package of preconfigured software, implementation services, content and end-user enablement. They provide a fixed price and scope for initiating new technology or meeting regulatory requirements like Solvency II.

Comments

Resource Center

View All »

Complimentary Case Study: Helping achieve your financial goals By:...

Find out how a Special Investigation Union used TLOxp to save the company money and...

Do Your Clients Hold The Right CDL License?

Learn about the various classes of CDL Licenses and the industries that are impacted by...

Integrated Content & Communications: A Key Business Issue For Insurers

Insurers are renewing their focus on top line growth, and many are learning that growth...

High Risk Insurance Coverage in the E&S Market

Experts discuss market conditions, trends and projected growth in a rapidly changing niche.

Top E-Signature Security Requirements

This white paper covers the most important security features to look for when evaluating e-signatures...

EPLI Programs Crafted Just For Your Clients

Bring us your restaurant clients, associations and other groups and we’ll help you win more...

Is It Time To Step Up And Own An Agency?

Download this eBook for insight on how to determine if owning an agency is right...

Claims - The Good The Bad And The Ugly

Fraudulent claims cost the industry and the public thousands of dollars in losses. This article...

Leveraging BI for Improved Claims Performance and Results

If claims organizations do not avail themselves of the latest business intelligence (BI) tools, they...

Top 10 Legal Requirements for E-Signatures in Insurance

Want to make sure you’ve covered all your bases when adopting e-signatures? Learn how to...

Claims Connection eNewsletter

Breaking news on disasters, fraud, legal trends, technology, and CE initiatives for the P&C claim professional – FREE. Sign Up Now!

Claims-Handling Guidelines

Claims Magazine is providing the following free guidelines and regulations in order to help adjusting professionals stay abreast of each state’s unique property and casualty claim-handling requirements.

View our State Guidelines »

Advertisement. Closing in 15 seconds.