SunGard has created a new enterprise risk management (ERM) framework that will help support insurance companies' Solvency II (SII) compliance initiatives.
In collaboration with Microsoft and HP, SunGard has identified and packaged technology components and consulting services that can help insurance customers define and implement a comprehensive ERM technology framework that supports SII requirements.
The framework comprises SunGard’s iWorks ERM solution, HP’s consulting services and infrastructure portfolio, and Microsoft’s HPC and SQL servers. It will provide customers with a single ERM roadmap.
The technology components are configurable to customers’ unique requirements, and include hardware, software, and actuarial, data management and implementation support, claims SunGard.
The framework will help insurers obtain a view of risk across business silos and help them comply with SII.
SII is an initiative affecting life, non-life and reinsurers operating in the European Union, which will set out by 2012 new, strengthened EU-wide requirements for capital adequacy and risk management.
Wayne Lewin, executive director for insurance segment at HP, said: As the 2012 deadline for Solvency II compliance approaches, insurance institutions in the European Union will require enhanced capacity to store, identify, retrieve and manage data to meet the requirements of SII. HP’s in-depth experience in business transformation and data management will help SunGard provide fast, effective and consistent support to insurers.
Karen Cone, general manager at Microsoft, said: The new SunGard ERM framework on a high-performance Microsoft platform is an excellent example of the success of our partnership approach in meeting our insurance industry customers’ most demanding business challenges in today’s difficult regulatory environment.