Solvency II implementation: The typical challenges

We have experience from many European clients. Some companies are well prepared for the Solvency II regime but many still face challenges.
You might find similar situations in your own company and if not - consider your preparations to be above average.

Take a sneak peek into the typical challenges that are addressed by SolvencyTool for insurance companies across Europe.


 


Solvency Capital Requirement

  • It can be difficult to find all the relevant data.
  • The use of spreadsheets makes it hard to get a proper audit trail and makes the reporting over time a challenge.
  • EIOPA's many publications are time consuming to read.
  • Local financial authorities are starting the pre-implementation of Solvency II.
  • Some parts of legislation can be technical and hard to fully understand.

 ORSA process and documentation

  • It can be difficult to decide whom from the organisation should be a member of the risk committee.
  • It seems unclear which risk management processes are required under Solvency II.
  • Documentation needs are not specific, leaving too much room for interpretation.
  • The table of contents for ORSA is hard to decide on.
  • The actual risk profile of the company is not fully specified.
  • It can be difficult to define risk tolerance limits and risk appetite.

Reporting to financial authorites

  • The templates are numerous and technical.
  • There are lots of codes and cross checkings.
  • It is difficult to get an overview of the relevant templates.
  • Integration between calculations and reporting require a database system with transparent audit trails.