Wolters Kluwer Financial Services has introduced a new Solvency II offering that will enable insurance institutions to fulfill all three pillars outlined in the Solvency II regulatory requirement.
According to the Wolters Kluwer, the solution will address the first pillar, quantitative requirements, by using a fully integrated and automated EIOPA reporting solution with a regulatory update service including the calculation of solvency capital requirements.
To address the second pillar, governance and risk management requirements, the solution will provide analytics support with the quantitative assessment and management of market and credit risk as well as the analysis of insurance risk based on an integrated and unified data model.
Wolters Kluwer said the solution will help insurers create an enterprise risk management (ERM) framework and conduct the Own Risk and Solvency Assessment (ORSA) in order to accomplish the second pillar requirement, where insurers must demonstrate risk management ability.
The solution also supports continuous reporting of ERM status to executives at group, regulated entity and major business unit levels.
In order to meet the last pillar, disclosure and transparency requirements, Wolters Kluwer said the suite’s flexible reporting solution includes MIS dashboards, OLAP reporting and disclosure reporting functionality based on an integrated and unified data model.
Wolters Kluwer Financial’ Solvency II offering’s analytics enable organizations’ compliance, risk and finance executives, as well as their boards of directors, to obtain a more complete and holistic view of risk data, and cohesively align risk-based decisions with business goals.
The offering also provides each with the intelligence and tools needed to perform their individual responsibilities.