Solvency II's Impact will Affect Process Efficiency in Insurance

Key Points

• Implementation of Solvency II is the biggest-ever exercise in establishing a single set of rules governing insurer creditworthiness and risk management

• While Solvency II presents some strategic and tactical challenges, it also opens up new opportunities for insurers to innovate and adopt a well-thought-out approach for a successful implementation

• Insurers who are agile enough to respond swiftly to the changing scenario will clearly be at a competitive advantage to outperform

• Capabilities will have to be overhauled in the areas of internal models, risk management, IT and data and reporting compliance and disclosures