Solvency II compliance is a reality. CGI and Moody’s Analytics can significantly ease the burden of it. Our combined consulting and reporting solution is based on Moody’s Analytics’ award winning software. It will ensure desired business outcomes are achieved and compliance to regulatory requirements are met, within the timelines.
Solvency II has returned to the top of the regulatory agenda. Insurers need to take action now to ensure they meet regulatory timelines. To maximize their advantage, insurers must focus on improved strategy, performance and governance whilst ensuring EU-wide requirements on capital adequacy and risk management are met. CGI have an impressive track record, having accelerated Solvency II projects in 6 of the top 10 Insurers in the UK.
Our approach tackles the multiple challenges of Solvency II programmes simultaneously. Business Consultants lead and determine the required business outcomes, governance structures and process changes. Technical teams ensure these are embedded in the technical solution and data is provided in a format necessary for compliance reporting.
People & Cultural Change - Embedding Governance & Risk Management
Solvency II requires that governance and control frameworks are sufficiently robust for external audit. We utilise well-proven Business Change management frameworks modified to address the specific requirements of Solvency II.
Management of data is a significant part of the technical task. We leverage Moody’s out of the box data management solution which comes with a comprehensive data dictionary and more than 4000 data quality checks covering all of EIOPA requirements. Moody’s risk and finance datamart is built on a strong data model which is already used by many financial institutions and also offers a useful workflow to allow for multiple user access, data checks and historisation.
Hosting of Services
CGI has partnered with Moody’s Analytics to host its service applications for insurance clients, including those relevant to Solvency II. This powerful teaming of two organisations both leaders in their respective fields results in a reliable and smooth Solvency II service provision for insurers.
CGI in partnership with Moody’s Analytics will:
- Allow faster, lower cost project delivery and transition
- Ensure best of breed capability and high quality implementation
- Ensures Best Practice is implemented
- Allows focus on changing & improving the business
- Reduce Business Risk
- Minimise business disruption
- Free up valuable business and technical resource in your organisation and leaves you, the client, to focus on core competences