Spanish insurer Santalucía is planning to adapt SAS Risk Management for Insurance to meet Solvency II, Pillar I requirements to handle risks and calculate metrics.
Santalucia chose SAS to undertake multidimensional risk analysis that includes both the standard model approach and the ability to develop integrated internal models in the stochastic simulation engine.
The technology developed SAS for Solvency II comprises an open, modular and scalable platform to incorporate the required quantitative processes and calculations for integrated risk management, such as the Solvency II Minimum Capital Requirement and Solvency Capital Requirement calculations.
The solution offers data integration and information management capabilities, as well as risk reporting and corporate dashboards.
The new management environment will enable santalucía with user and access management capacities which will allow the company to share and access old projects and outcomes in an sequential manner and on an interdisciplinary level, while also allowing to perform auditing tasks.
The insurer also anticipates to lessen solvency capital by going afar the standard model approach when deemed required according to its Solvency II road map.
Santalucia operates 370 agencies, 9,000 employees and 7.5 million clients throughout Spain.