SAS® Risk Management for Insurance praised for flexible, extensive, industry-focused platform
SAS is ranked as a category leader in the ChartisRiskTech Quadrant® for Solvency II Technology Solutions. The report highlighted insurers using leading robust data management, analytics and reporting platforms like SAS® Risk Management for Insurance to juggle Solvency II demands.
“Designed specifically for Solvency II regulations, SAS’ comprehensive solution greatly benefits insurers,” said PeymanMestchian, Managing Partner at Chartis. “The flexible SAS Risk Management for Insurance remains a market leader by keeping up with requirements and ongoing Solvency II rule development.”
Chartis defines leaders as providing offerings specifically designed for the insurance industry. SAS Risk Management for Insurance includes an insurance-specific data model for complex risk analytics and a reporting repository containing more than 60 prebuilt Solvency II reports.
“Despite the increasing costs and complexity of the Directive, Solvency II still represents major benefits for the European insurance industry,” notes the report. Per Chartis, insurers are increasingly switching attention from the quantitative aspects for Solvency II, such as Pillar 1, to more qualitative aspects found in Pillar 2 and the reporting requirements of Pillar 3.
Chartis complimented early adopters of Solvency II as “forward looking insurers who implemented an end-to-end solution, from data management to risk analysis to reporting, designed specifically for Solvency II.”
Chartis points out the global expansion of Solvency II, which was originally viewed as a European insurance regulation, citing similar regulations in Japan, Canada, South Africa and other countries. Also, the US-based National Association of Insurance Commissioners (NAIC) introduced the Solvency Modernisation Initiative (SMI), which contains similar requirements.
“We’re delighted to be ranked as a category leader on the ChartisRiskTech Quadrant for Solvency II Technology Solutions. With the introduction of EU wide Solvency II regulations, risk management has been propelled from a back office concern to an organisation-wide priority for the insurance industry,” said Simon Kirby, Solvency II specialist, SAS UK & Ireland comments.
“The SAS solution has been designed to address the challenges of meeting needs of regulators, the markets and shareholders. It enables insurers to improve the quality and timeliness of risk information, empower confident decision-making, and ensure compliance with internal and external controls in a responsive and flexible manner – both now and in the future.”
SAS Risk Management for Insurance is a comprehensive solution helping life and P&C insurance companies to implement the Solvency II standard model approach for calculating risk-based capital.
SAS was recently named a category leader in the Chartis RiskTech100® 2014 report.
Read the Chartis report.