This review sets out our perspectives on how groups are currently addressing the compliance and broader business impacts of Solvency II, highlighting emerging key themes concerning implementation challenges, as well as considerations and approaches for resolving these.
It also provides views and insights on future operational, performance and stakeholder management developments we envisage being inspired by the regime, highlighting also the questions groups should now be contemplating.
We believe that Insurance groups should now take the opportunity to assess the effectiveness of the overall compliance approach and to consider, plan and address the business and strategic aspects. This will enable groups to shape their group supervision programmes toward a more competitive outcome, positioning the group to optimise management of the business in a Solvency II world.
Successful groups will be those that embrace the changes from the top down at a strategic level, and across the wider business, and who embed the requirements within the day-to-day performance management of the group, through cultural and operational change.
Groups that look across conduct and prudential regulation as global regimes evolve, and who use this to position their businesses to take advantage from broader global market developments will be well placed to become the most successful insurance groups of the future.