Financial Services and Insurance Edition
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New Oracle Solutions Ease Solvency II Compliance Challenges

As the deadline approaches for compliance with the European Union’s Solvency II regulations, Oracle released Oracle Insurance applications for risk and Solvency II compliance. The new capabilities are part of the Oracle Financial Services Analytical Applications suite, which is designed to help insurers achieve compliance and better manage their capital.

“To comply with Solvency II, insurers in Europe need to assess how they manage all solvency-related data as the [Solvency II compliance] December 2013 deadline approaches,” says S. Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications. “Oracle's offering for Solvency II provides insurers with a ready-to-deploy solution that can accelerate the speed of compliance and reduce complexity.”

New Solvency II rules stipulate how much capital European insurers must keep on hand as a cushion against insolvency. Organizations operating across multiple jurisdictions can use Oracle Insurance applications for risk and Solvency II compliance to quickly understand and address their regulatory requirements. The unified platform helps organizations manage all their data centrally to better control their operational and market risks, and the data warehouse accelerates implementation times with a ready-to-install data model, rather than simply a paper model that the customer must build with the vendor’s help.

Insurers can also use the applications to increase the quality of their Solvency II reporting and related risk management processes thanks to data quality, integrity, reconciliation, and lineage tools available within the program. Workflows, notifications, security, and full audit capabilities enable insurers to effectively address the Own Risk and Solvency Assessment components of the regulations.

The Oracle solutions are important not only for European Union–based insurance companies but also for global organizations with European divisions. Oracle Insurance solutions for risk and Solvency II include Oracle’s Financial Services Analytical Applications suite consists of risk and compliance solutions that provide central control and business intelligence analytics to evaluate risk across multiple areas, including insurance, credit, liquidity, and underwriting areas.

Get more details about Oracle Insurance applications for risk and Solvency II compliance.

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