Chartis Issues 2014 Report on Solvency II Technology Solutions
15 January 2014
Chartis, the leading provider of research and analysis for the risk technology marketplace, announced today that it has released its Solvency II Technology Solutions report for 2014. The report covers both the demand and supply-side of the Solvency II technology market and includes new information on industry trends and business requirements. It covers the main market and regulatory requirements and the vendor landscape.
“Solvency II represents an opportunity for return on investment (ROI),” said Peyman Mestchian, Managing Partner at Chartis. “Insurance firms recognize that investment in more advanced Solvency II requirements, such as Own Risk and Solvency Assessment (ORSA) and Internal Model Approach (IMAP), will provide a pathway to increased control and understanding of business processes and models. Partly for this reason, although Solvency II will primarily affect European firms, insurers from other markets with business in the EU are also investing in Solvency II solutions.
The report confirms that many insurance companies are currently investing in Pillar 2 solutions. On the vendor side, many technology vendors targeting the Solvency II market have realized that repurposing banking solutions will not be sufficient and that bespoke, insurance-specific solutions will be needed. Vendors also need flexible “tool-kit” solutions to address client specific requirements and to keep up to date with on-going changes of the Solvency II rules.
The report uses Chartis’s RiskTech Quadrant® to explain the structure of the market and the vendor landscape. The RiskTech Quadrant® uses a comprehensive methodology of in-depth independent research and a clear scoring system to explain which technology solutions meet an organization’s needs.