Accenture will implement SAS Risk Management for Insurance solution at one of Sweden’s largest insurers
Stockholm (April 3, 2012) – Accenture will team with SAS Institute to implement the SAS Risk Management for Insurance solution group-wide at Folksam, one of Sweden’s largest insurers, to help comply with the Solvency II directive’s legal reporting requirements.
Folksam selected the SAS Risk Management for Insurance solution late last year. In February 2012, SAS Institute selected Accenture to help implement the solution at Folksam.
The solution will be used by the entire group, which comprises Folksam General and Folksam Life, the group’s non-life and life insurance companies, and their subsidiaries. It is designed to help Folksam increase the automation of solvency-related calculations and reporting under the European Union’s Solvency II directive, while enhancing the traceability of its solvency data.
“As a customer-owned company, our policyholders have always been our most important stakeholders,” said Catrina Ingelstam, Folksam’s chief financial officer. “By enhancing our asset calculation capabilities and reporting to support Solvency II, this agreement will help increase the security of our owners and policyholders.”
Solvency II calls for a common set of solvency regulations for insurers across Europe by January 2014, including the enactment of new rules regarding the levels of capital that EU insurers must set aside to cover their combined risks and liabilities. The directive consists of three pillars, focusing on quantitative requirements (Pillar I), governance, risk management and supervision (Pillar II) and disclosure and transparency requirements (Pillar III). Folksam’s solution will be used to quantify the capital needed to meet Pillar I risk potential, perform internal assessment of risk and control models under Pillar II’s Own Risk and Solvency Assessment, and meet disclosure and transparency requirements under Pillar III.
“To address directives such as Solvency II, European insurers must focus on data quality and data governance issues to achieve a more integrated and holistic view of data management and processes,” said Per Österman, head of Analytics for Accenture Nordics. “Our people can help clients redesign how data and fact-based insights get embedded in key processes, which is critical to improving operational excellence, product leadership and customer intimacy.”
“Proper Solvency II compliance will lead to higher quality risk management, better risk sensitivity and a stronger risk culture,” said Eva Dewor, managing director for Europe, Africa and Latin America, Accenture Finance and Risk Services. “With a sound structure supporting data management, financial reporting and disclosure, risk management, and capital requirements, insurers will be well-positioned to achieve high performance in the post-Solvency II environment.”
Accenture Finance and Risk Services, a business service within Accenture’s Financial Services operating group, helps clients improve risk strategy and governance, process efficiency, and regulatory compliance. The business service serves more than 500 financial institutions worldwide.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 246,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$25.5 billion for the fiscal year ended Aug. 31, 2011. Its home page is www.accenture.com.
SAS is the leader in business analytics software and services, and the largest independent vendor in the business intelligence market. Through innovative solutions delivered within an integrated framework, SAS helps customers at more than 45,000 sites improve performance and deliver value by making better decisions faster. Since 1976 SAS has been giving customers around the world The Power to Know® The Power to Know®. Learn more at www.sas.com.
Folksam is a customer-owned company. They offer insurance and pension investments. Almost one in two Swedes is insured with Folksam and they are one of Sweden’s biggest asset managers. Their vision is that people should feel secure in a sustainable world. Read more at www.folksam.se.Tags: Accenture, data management, SAS