Solvency II Business Impact Assessment™

In 2012, all Insurance & Reinsurance companies throughout Europe will see a change to the way they conduct business. Changescape has developed an effective method to identify the impact that Solvency II  will have on your business. The method starts with a scoping phase where we agree clear objectives, boundaries, timeframes and deliverables to be produced by a Changescape Solvency II Business Impact Assessment™.
 
Next we take a high-level view of the Solvency II requirements as they relate to your specific organisation and identify those aspects of Solvency II where the legislation is definite and clear, where the legislation is under definition/development and where the legislation is not relevant. This identifies areas that will require further investigation into the specific impact that Solvency II will have on your business.
 
Stage 3 concerns itself with identification of business and process areas in your organisation which will need to be changed to comply with the 3 Pillars of Solvency II of: Quantitative requirements (for example, the amount of capital an insurer should hold); Requirements for the governance and risk management of insurers, as well as for the effective supervision of insurers; Disclosure and transparency requirements.  Output from this stage consists of a business change map.
 
The next stage of the Solvency II Impact Study™ is to identify application systems and data changes which will be required to support the Business and Process changes identified in Stage 3. This review will also include detailed analysis of the reporting requirements placed upon your business by Solvency II. The aim of this stage is to produce an information and systems change route map so that you can create an approach which will provide sustainable and extendible compliance.
 
Stage 5 is concerned with a detailed opportunity and risk review of your business in the light of Solvency II. This will identify a prioritised list of business opportunities presented by Solvency II along with a quantified risk analysis and reward implications associated with the new legislation.  This stage will help answer the questions: Will our compliance levels allow us to make the most of Solvency II? What are my Solvency II Risks and opportunities?  What is the cost benefit case of the Solvency II changes?
 
Stage 6 pulls together all the above into a comprehensive and jargon-free report showing the full impact, risk and opportunity analysis presented by Solvency II. The report is backed up by a management presentation of the scope and case for change along with recommended timescales for ensuring your compliance. The aim of the report is to show you the way through the Solvency II minefield with minimum impact to time, cost and resources.
 
The findings and recommendations are discussed with the Solvency II stakeholder group and a pragmatic action plan is agreed. You may wish to take the actions forward with your own team or engage with Changescape to help programme manage their implementation.
 
 
Please contact us for a no-cost initial discussion about your Changescape Solvency II Business Impact Assessment™.