A new product to help businesses comply with Solvency II has been released today. Oracle Insurance announced their newest product, ‘Applications for Risk and Solvency II Compliance’ on Wednesday which is aimed at helping businesses better manage their capital and achieve better financial results.
The new development is the latest addition the Oracle Financial Services Analytical Applications suite of products. This range of products give insurers a view of risk across areas including insurance, market, operational, credit, liquidity and underwriting.
“To comply with Solvency II, insurers in Europe need to assess how they manage all solvency related data as the EIOPA December 2013 deadline approaches,” said S. Ramakrishnan, group vice president and general manager of Oracle Financial Services Analytical Applications.
“Oracle’s offering for Solvency II, based on Oracle Financial Services Analytical Applications, provides insurers with a ready-to-deploy solution that can accelerate the speed of compliance and reduce complexity.
“It can provide the unified view of risk, finance and actuarial information that insurers require to optimize capital allocation and better position their organizations for success,”
The new product equips life, non-life, health and re-insurance institutions operating across multiple jurisdictions, to quickly understand and address Solvency II requirements, create a long-term solution to manage all of their data centrally and better manage their operational and market risks – all on a single unified platform.
By leveraging the data quality, integrity, reconciliation and lineage tools available within the applications, insurers can increase the quality of their Solvency II reporting and related risk management processes. Workflows, notifications, security and full audit capabilities enable insurers to effectively address the Own Risk and Solvency Assessment.