Oracle has introduced a new application to help insurers understand, comply with Solvency II reporting requirements and manage risk using a single unified platform.
The new application, known as Oracle Insurance Solvency II Analytics, is designed for life, non-life, health and reinsurance institutions to achieve Solvency II compliance.
It will feature ready-to-deploy reports to allow insurers comply with Solvency Financial and Condition Reports (SFCR), Report to Supervisors (RSR) and Own Risk and Solvency Assessment (ORSA) requirements.
Oracle Financial Services Analytical Applications vice president and general manager Ramakrishnan said that Solvency II is putting pressure on European insurers to add a new level of rigor to their finance and risk processes.
"Oracle Insurance Solvency II Analytics’ extensive reporting and dashboards are designed to cover Solvency II Pillar 2 and 3 requirements, helping insurers to reduce the risk associated with pending deadlines and achieve greater financial results through better management of their capital," Ramakrishnan said.