European Solvency II Technology Market to Grow to $1.34bn by 2012
26 January 2009
According to leading analyst Chartis Research, the European Solvency II technology market is to grow to $1.34bn by 2012 at a compound annual growth rate of 17.1%.
"Recent high profile scandals, the global financial crisis and specific EU Solvency II requirements will fuel this growth" comments Chartis, "The new requirements will have a profound impact on the technology strategy of many insurance companies. IT departments will need to review their strategies for enterprise technology architectures, data management processes, business intelligence and analytics capabilities. Moreover, these IT departments need to facilitate the integration of risk and finance functions and systems."
The Chartis report identifies the leading software vendors positioning for the Solvency II marketplace and describes the competitive landscapes. It also highlights best-practices and some of the potential pitfalls to be avoided.
"There are some important IT lessons to be learnt from the recent Basel II experience in Europe" comments Chartis, "with appropriate planning, insurance companies can turn Solvency II into an opportunity for implementing cost-effective, robust and scalable IT platforms for managing risk, finance and performance".