Oracle announces the availability of Oracle Insurance Solvency II Analytics, a solution designed tohelp insurers quickly understand and comply with Solvency IIreporting requirements and better assess and manage risk using asingle unified platform.

Solvency II requires insurers to prove to regulators that theyhave enough capital in reserve to remain solvent. As part of themandate, insurers must provide visibility into how they manage allsolvency-related data, as well as how that information is used andincorporated into reporting. Oracle believes this is creatingsignificant compliance challenges for insurers.

The Oracle Insurance application provides extensiveout-of-the-box reports and dashboards designed to cover Solvency IIPillar 2 and 3 requirements, enabling insurers to acceleratecompliance with pending European Insurance and OccupationalPensions Authority (EIOPA) deadline of January 2014 and gain thevisibility required to improve capital management.

“Solvency II is putting pressure on European insurers to add anew level of rigor to their finance and risk processes,” saysS.Ramakrishnan, group vice president and general manager, OracleFinancial Services Analytical Applications. “Oracle InsuranceSolvency II Analytics' extensive reporting and dashboards aredesigned to cover Solvency II Pillar 2 and 3 requirements, helpinginsurers to reduce the risk associated with pending deadlines andachieve greater financial results through better management oftheir capital.”

Oracle Insurance Solvency II Analytics is designed for life,non-life, health and re-insurance institutions. It delivers insightinto business performance, risk profile, technical provision,claims, capital adequacy and other key metrics.

It features ready-to-deploy reports, helping enableinsurers to comply with Solvency Financial and Condition Reports(SFCR), Report to Supervisors (RSR) and Own Risk and SolvencyAssessment (ORSA) requirements

Insurers also have the flexibility to create ad-hoc reports andcustomized dashboards to meet changing business needs.

The application's functionality enables analysis of capitaladequacy and risk results across multiple dimensions—such as solo,group, line of business or legal entity. This can give seniormanagement complete, consistent and multi-dimensional views ofvarious risk and performance measures. Finance and riskofficers can also perform “what if” analysis to support betterdecision-making around their finance and risk portfolios.

“Decision makers also suggest that selecting a Solvency IIsystem is not just a question of functionality—flexibility is justas important,” says Peyman Mestchian, managing partner at ChartisResearch. “That means system architecture, ease of integration andan enterprise approach to modeling, analytics and reporting will beimportant.”