We know that delivering compliance with Solvency II regulation is not negotiable. Solvency II is the biggest regulatory shake-up in the insurance market in living memory. When it comes into effect on 1 January 2013, firms that do not satisfy the FSA of their compliance will not be able to write new business.
Improving the quality of the implementation itself can provide insurers with significant competitive advantage making sure that payback is achieved from their investment.
The ability to ensure that processes, standards, reporting and evidencing use consistent and measurable criteria is paramount to achieving compliance. A complete quality assurance framework needs to be in place, and the governance process defined and enforced, to allow the organisation to manage the Solvency II process.
Getting to grips with complex theory is one thing but for Solvency II programmes, the practicality of making it happen in the most efficient and effective way is quite another challenge. It is a significant change programme including potentially, changes to the operational model, systems, processes and controls as well as aligning behaviours. However, improving the quality of the implementation itself can provide insurers with significant competitive advantage making sure that payback is achieved from their investment.
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