Three of the five biggest issues facing insurers to meet Solvency II compliance relate to model approval, model development and IT architecture and IT tools, according to a new Accenture survey.
To the question: “What are the biggest issues to be fixed by 2012 for your organization to meet Solvency II compliance?”, insurers mentioned:
- Models sign-off by the Supervisor (2nd highest – 45% of responses)
- Develop integrated internal model (3rd highest – 38% of responses)
- Define and implement adequate IT Architecture /new requested tools (5th highest – 28% of responses)
SOURCE: Accenture
To assess European insurance firms’ response to Solvency II, Accenture surveyed 29 European insurance firms, predominantly life and property & casualty insurers, from May to October 2010. Roughly four out of ten reported gross annual premiums of more than €5 billion. Of the 29 insurers surveyed, eight are based in France, six in Germany, three each in Austria and Italy, two each in Finland, Spain, Switzerland and the United Kingdom, and one in Sweden.
About Accenture
Accenture is a global management consulting, technology services and outsourcing company, with approximately 204,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$21.6 billion for the fiscal year ended Aug. 31, 2010. Its home page is www.accenture.com.
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