IT Solutions for Solvency II
In 2010 Deloitte EMEA conducted an initial market survey of IT packages for Solvency II. The survey highlighted that the market was segmented and evolving rapidly. Several packages focused on a specific functional area (economic scenario generation, underwriting and market risk for life, pure market risk, data management, etc.) whilst others had more balanced coverage across multiple functional areas. The next 18 months will see many insurance and reinsurance firms make strategic decisions about the design and delivery of their Solvency II business and IT architecture.
In 2014, there was a follow up survey of 24 IT packages for Solvency II to assess the current maturity of the market and individual product developments across a number of functional and non-functional criteria. This survey is unique in terms of the robust evaluation methodology that we employ and positions Deloitte with the knowledge and insight to guide and support insurance firms through the end-to-end Solvency II project lifecycle.
Benefits from this survey:
- During build or buy decisions: determine if the market of software packages provides a relevant solution for components of their IT architecture
- Facilitate all steps of a package selection process (e.g., short list directly identified thanks to the solutions classification, RFP questionnaire built based on the survey’s RFI)
- Structure and define requirements in the case of an internal development
- Benchmark and compare product
The full report is available from the authors upon request.