Solvency II Services
Preparing for Solvency II
The new Solvency II regulations will ensure safer, more predictable risk assessment that will protect both insurers and their customers. But achieving the increased demands of Solvency II – both now and into the future – requires IT systems that can handle the load, and carry it reliably.
To comply with Solvency II requirements, your IT system must:
- Store and manage all relevant data from the various sources within your business
- Calculate risk scenarios as accurately and quickly as possible
- Provide structure and stability for easy management and clear reporting
No time for guesswork
Insurers would need two years or more to implement a new, compliant IT system and get it running. And the deadline for Solvency II is only a year away. So how can an insurer be certain that they can fulfill Solvency II requirements, without the expense, downtime, and complications of implementing a new system? By giving their current system the power to do more.
The solution for solvency
Bitbrains is the first company to offer a complete Solvency II IT solution that can be implemented in as little as two weeks. Using your current, in-house IT environment, we’ll bring the risk calculations and data management processes into our virtual cloud, and promise you accurate, safe, reliable risk assessments that fully comply with Solvency II requirements. You’ll even be able to test the environment before we implement it, so that you’re sure it works.
With Bitbrains Solvency II Service, you will:
- achieve full Solvency II compliance in a fraction of the time;
- save time and money by maintaining your current systems instead of implementing new ones;
- ensure flexibility and scalability of services to meet your needs tomorrow, and well into the future.
From an IT perspective:
- The Bitbrains solution enables internal IT departments to maintain the day-to-day operations; of the business, while the added complexity of the Solvency II models is managed externally;
- Employees will work in the same user environment they know and trust – no lost time while they learn a new system or interface.
Calculating the risks
When leading insurer ING Insurance Benelux came to us, it took them a full day to calculate a single risk assessment. While they were certain their calculations were correct, they were also sure that the drain on resources was unacceptable. Within a few weeks, Bitbrains developed a solution that cut calculation time from 15 hours to 15 minutes. And the 96-core processor was able to do hundreds of calculations to create the most accurate risk assessments possible. Read More.