To help insurers achieve compliance with Solvency IIrequirements and realize greater financial performance throughbetter management of their capital, Oracle announces OracleInsurance Applications for Risk and Solvency II Compliance as partof the Oracle Financial Services Analytical Applications suite ofproducts.

Oracle's suite of advanced risk and compliance applicationsprovides insurers with a unified view of risk across multiple areasincluding insurance, market, operational, credit, liquidity, andunderwriting risks. It provides an enterprise-wide view of riskthrough “out-of-the box” business intelligence analytics. Oracle'sapplications enable strategic decision making and capital planningwith the extensibility and speed to meet future regulatoryrequirements.

“To comply with Solvency II, insurers in Europe need to assesshow they manage all solvency-related data as the EIOPA December2013 deadline approaches,” saysS. Ramakrishnan, group vicepresident and general manager for Oracle Financial Services andAnalytical Applications. “Oracle's offering for Solvency IIprovides insurers with a ready-to-deploy solution that canaccelerate the speed of compliance and reduce complexity. Itcan provide the unified view of risk, finance and actuarialinformation that insurers require to optimize capital allocationand better position their organizations for success.”

The pre-built, ready-to-deploy applications equip life,non-life, health, and reinsurance institutions operating acrossmultiple jurisdictions to understand and address Solvency IIrequirements, create a long-term solution to manage all of theirdata centrally, and better manage their operational and marketrisks.

By leveraging the data quality, integrity, reconciliation andlineage tools available within the applications, insurers canrapidly and reliably increase the quality of their Solvency IIreporting and related risk management processes. Workflows,notifications, security, and full audit capabilities enableinsurers to effectively address the Own Risk and SolvencyAssessment.