Current European Union (EU) directives dictate that all insurance, life-insurance and pension companies operating within the EU must comply with the Solvency II framework by the end of 2012. Solvency II is a directive that introduces a new solvency regime, based on an integrated risk approach, with provision for these risks in the form of solvency capital. It is more comprehensive than any previous regulation of its kind and there is no out-of-the-box solution for Solvency II on the market today.
After hosting numerous Solvency II council meetings, workshops and interviews with clients across Europe, SimCorp has established an overview of the industry’s needs and requirements, and consequently developed a comprehensive solution package.
“The way SimCorp approaches Solvency II by first entering into a close dialogue with its clients to uncover their precise needs and from there goes on to integrate the necessary solutions in SimCorp Dimension is the true measure of a strategic partner,” says Carsten Meyer, responsible for asset management controlling at Germany-based Alte Leipziger. “As Solvency II affects various parts of our business, for instance when it comes to gathering data, we are also confirmed in the value of having a seamlessly integrated and flexible system such as SimCorp Dimension.”
Among other things, Solvency II includes frameworks for capital requirements, governance and risk management, and reporting. While the new regulation has not yet been fully defined, it is clear that SimCorp Dimension supports the functionality needed for calculating the market risk capital requirements and provides support for advanced reporting.
“New regulations like Solvency II always create some uncertainty in the market. At SimCorp we are committed to eliminating that by providing our clients with an IT platform that can support the advancing needs,” says Peter L. Ravn, chief executive officer at SimCorp. “Together with our clients and the different local associations and authorities we are able to develop and provide a solution that enables our clients to comply with the regulatory changes.”
For more information on regulatory compliance and standards, visit SimCorp’s compliance portal at www.simcorp.com/compliance.
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Enquiries regarding the announcement should be addressed to:
Lars Bjørn Falkenberg, Senior Vice President, Head of Global Product & Marketing Management, SimCorp A/S, +45 35 44 88 00 / +45 26 30 01 27.
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About ALTE LEIPZIGER – HALLESCHE
With premiums and investment inflows of EUR 3.3bn and assets under management exceeding EUR 22bn the ALTE LEIPZIGER – HALLESCHE group is among the 20 leading insurance groups in Germany. Its core sectors are life, health and property insurance.
About SimCorp
Since 1971, SimCorp has been providing investment and portfolio management software and services to the world’s leading investment managers, asset managers, fund managers, fund administrators, pension funds, insurance funds and wealth managers. SimCorp’s world-class software provides global financial organisations with the tools they need to mitigate risk, reduce cost, and enable growth. SimCorp is a global company, regionally covering all of Europe, North America and Asia Pacific. Listed on the NASDAQ OMX, SimCorp is dedicated to supporting the global investment management industry, its clients and its investors.
For more information about SimCorp’s products, please visit www.simcorp.com/product