Solvency II IT Vendor Spectrum

by Nicolas Michellod, June 10, 2010
Product Trends/ Reviews
Global, Asia-Pacific, EMEA, Latin America, North America

Abstract

Solvency II brings drastic changes to the way prudential capital is calculated, but for insurers, the main impact is not just in its quantitative elements. With Solvency II, the regulator also emphasizes the qualitative dimension through pillar 2 and, to a certain extent, pillar 3.

In this report, Solvency II IT Vendor Spectrum, Celent looks at vendor solutions that might be identified as key elements for implementation by insurers to improve their risk management framework and comply with Solvency II.

Vendors 

Solutions

Algorithmics

Economic Capital, Risk Management, and Solvency II

Aon Benfield

S2Metrica and ReMetrica

Barrie & Hibbert

ESG

CSC

Insurance Optics/Financial Risk Intelligence

Effisoft

Valdys Internal Control and Assuretat

FRSGlobal

FRSGlobal Risk Pro and RegPro Solvency II Solution

IBM

IBM Solvency II Solution Framework

Informatica

Informatica Platform composed of PowerCenter, PowerExchange, Informatica Data Quality, and Informatica MDM

Intuitive Collaboration GmbH

PillarOne.RiskAnalytics

Kamakura Corporation

Kamakura Risk Manager

Moody’s Analytics

Fermat Solvency II

SAP AG

Governance, Risk & Compliance (GRC), Business Objects Business Suite, and Business Planning & Consolidation (BPC)

SAS Institute 

SAS Risk Management for Insurance

SimCorp A/S

SimCorp Dimension

SS&C Technologies

PTS (Insurance)

SunGard

iWorks ERM

Sword

Sword Operational Risk for Solvency II, Sword ERM for Solvency II, and ORIC

“Insurers need to define a clear roadmap to get ready for Solvency II before selecting which IT vendors to work with,” says Nicolas Michellod, Senior Analyst with Celent’s Insurance Group and author of the report. “Solvency II is not just about IT alignment; it also relates to various resources. However, insurance companies that neglect the importance of IT alignment in the frame of their Solvency II preparation program will be less inclined to gain competitive advantage.”

This report provides detailed descriptions of IT vendors and their offerings in each category of the Solvency II IT layers. Some vendors offer multiple solutions that can cover one or more areas of Solvency II, while others have a unique solution covering specific functional elements.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Elements of a Solvency II Solution

4

An Overview of the IT Vendor Spectrum

7

Algorithmics

10

Aon Benfield

15

Barrie & Hibbert

19

Computer Sciences Corporation (CSC)

22

Effisoft: Assuretat

26

Effisoft: Valdys Internal Control

29

FRSGlobal

32

IBM

36

Informatica Corporation

40

Intuitive Collaboration

44

Kamakura Corporation

48

Moody’s Analytics

52

SAP AG

56

SAS Institute

61

SimCorp A/S

65

SS&C Technologies

68

SunGard

72

Sword

78

Comparative Tables

83

Conclusion

86

Leveraging Celent’s Expertise

87

Related Celent Research

88

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