Having invested in Solvency II programmes to ensure compliance, insurers should now look to realise the potential business benefits.
In 2010, insurers embarked on their Solvency II programmes in earnest - driven by the 1st January 2013 deadline. Given what looked like quite an aggressive timetable most aimed simply to achieve compliance.
However, with the benefit of an additional year (and possibly more), there is a little breathing space and a chance to explore the potential benefits and competitive advantages Solvency II might bring - delivering some real value from the £2bn plus the industry has invested to date.
Based on our experience working with a large number of firms on their Solvency II programmes, we have considered what the next steps might look like for firms looking to build on their Solvency II investment. Firms that are most successful at adapting to the challenges of operating in a Solvency II environment are more likely to be commercially successful in the long term.
We call this “Solvency II Optimisation” and the attached publication, an extract from our recent publication ‘Emerging Insurance Regulation’, looks at how both the Finance and Risk functions can be “optimised” to deliver significant improvements in both performance and control.