SunGard has created a new enterprise risk management (ERM) framework to assist insurance companies in their Solvency II (SII) compliance efforts, according to a vendor news release. In collaboration with Microsoft and HP, SunGard says it has identified and packaged technology components and consulting services that can help insurance customers define and implement a comprehensive ERM technology framework that supports SII requirements. The framework comprises SunGard's iWorks ERM solution, HP's consulting services and infrastructure portfolio, and Microsoft's HPC and SQL servers, according to the news release.
SunGard says that the new framework will provide customers with a single ERM roadmap. The vendor asserts that technology components are configurable to customers' unique requirements, and include hardware, software, and actuarial, data management and implementation support. Identifying a configurable combination of solution and services helps customers eliminate the time-consuming and detailed process of defining and sourcing the components needed to build an ERM discipline across an organization, SunGard says.
The framework will help insurers obtain a view of risk across business silos and help them comply with SII, SunGard claims. SII is an initiative affecting life, non-life and reinsurers operating in the European Union, which will set out by 2012 new, strengthened EU-wide requirements for capital adequacy and risk management. The vendor notes that today most insurers manage risk data within each discipline without a cohesive view of the exposure throughout the business.
"Solvency II continues to be an evolving mandate of critical importance for carriers globally," comments Craig Weber, senior vice president of analyst firm Celent's insurance practice. "The combined assets of SunGard, Microsoft and HP give carriers a compelling, holistic option to consider as they strengthen the technology and services they have to support Solvency II initiatives."
In addition to SunGard's enterprise risk management solution, iWorks Prophet Enterprise, the ERM framework includes SunGard's actuarial, business process management, analytics and business intelligence capabilities to support the governance and control requirements of Solvency II, according to the vendor. SunGard also offers consulting services, providing what the vendor characterizes as best practices in ERM solutions implementation.
"It is our view that Solvency II compliance represents the first step in building a comprehensive ERM infrastructure," says Greg Webber, president of SunGard's insurance business. "Our collaboration with Microsoft and HP offers a unique combination of risk management solutions, services and technology infrastructure that can form the foundation for a robust ERM strategy for insurers worldwide."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio