Solvency II mandates a new European Union-wide regulatory regime for all insurers and reinsurers. It aims to build a new risk-based regulation framework, requiring a strategic enterprise-wide approach to risk management.
Preparing for compliance is adding to pressure on insurers at a time of economic uncertainty – an ever increasing workload while costs and resources are being squeezed. Insurers are looking for ways to relieve the pressure on Solvency II costs and key resources such as actuaries, risk management professionals, data management and reporting experts
At Genpact, we do things differently. Our experience in delivering solutions for insurers on an onshore/offshore business model means that we have a unique operating model to deliver Solvency II solutions
How does Genpact take you there?
Our teams will help find and implement solutions for problems and challenges being experienced by insurers as they progress towards Solvency II compliance including those outlined below
We partner with you to create a scalable, right-shore, cost efficient operational model. Our solution supports the implementation effort for timely Solvency II compliance across all 3 pillars by providing actuarial support (actuarial modeling, production activities and documentation), end-to-end offering on risk management support (assessment, management and monitoring), data management & governance activities and reporting (internal and external)
- Own Risk and Solvency Assessment
- International Financial Reporting Standards
- Business Intelligence and Data Warehousing
Genpact can partner with you to create a scalable, right-shore, cost efficient operating model that is robust and proven. Using our many years experience of partnering with leading insurers, we have developed a smooth onshore/offshore operating model with advanced use of technology.
Our solution supports the implementation effort for timely Solvency II compliance across all 3 pillars by providing:
- Actuarial support - actuarial modeling, production activities and documentation
- End-to-end offering on risk management expertise - assessment, management and monitoring
- Data management & governance activities and reporting (internal and external)
We can also leverage our Lean Six Sigma expertise to streamline actuarial and risk management processes.
Genpact can help meet the immediate Solvency II needs and those following implementation by supporting:
- Actuarial internal model delivery - actuarial modeling, production activities, documentation and validation
- Risk management framework development - assessment, management, monitoring and governance
- Regulatory and financial reporting - internal and external
- Data quality governance and data integration - assessment, governance and data management
What can be achieved?
Timely and cost effective implementation of actuarial, risk management, reporting and data aspects of Solvency II compliance.
Support “business as usual” activities - actuarial, risk management, data and IT management and MI/reporting.
Risk Management Services
MI & Reporting Services
Data Warehousing and Business Intelligence Services
NG Insurance Summit 2013: Genpact is the Silver Sponsor at the event
Genpact is the Silver Sponsor of the NG Insurance Summit 2013. The event will bring together decision makers from across the US Insurance sector to meet with solution providers. The summit will feature insurance firms that are adopting new technologies and management strategies in order to squeeze unnecessary costs out of the system, improve productivity and meet demands of future regulatory changes.
As a Silver Sponsor, Genpact will host a workshop for these proactive firms on Building a Business Case for Process Enabled Technology. Genpact will present a shared success story of a P&C insurance firm transitioning to a new operating model, the challenges they are jointly overcoming and the business outcomes they are targeting.
March 11-13, 2013, The Island, Newport Beach, California