Deloitte IT Solutions for Solvency II Survey 2014
In 2010 Deloitte conducted our initial market survey of IT packages for Solvency II. Our 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 (re) insurance firms make strategic decisions about the design and delivery of their Solvency II business and IT architecture.
In 2014, we conducted 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 you through the end to end Solvency II project lifecycle.
We have adopted a structured and robust 4 step methodology to ensure that we have an objective and thorough knowledge of the actual demonstrable qualities of each product (and not just the marketing material).
Our evaluation criteria
- Data collection, quality control and transformation
- Data preparation (economic scenario generation, hypothesis setting, model points building, etc.)
- Calculation (valuation of assets and liabilities, calculation of capital requirements, etc.)
- Reporting (internal and external)
- Data storage and archiving
- All lines of business (life, non-life and health) are included in scope