Solvency II (SII) continues to provide challenges as the main regulatory regime within the EU and our team has proven experience in solving these challenges.
We will work with you to introduce suitable process improvements to keep up with the tightening reporting deadlines both of quantitative and qualitative reports.
We have experience in all aspects of SII:
Given our years of experience in regulatory implementation within both insurance and banking, the team is well placed to develop tailor-made solutions.
Solutions will also need to be developed for future aspects of SII. It is unknown what Brexit may bring in terms of UK sovereignty and regulation, outcomes from current or other review processes, consolidation/adaption of SII processes with other reporting metrics such as IFRS 17, and items or issues which are yet unknown or not predicted.
IFRS 17 and 9 for insurers
4most has implemented IFRS changes for numerous clients in the banking sector and uses this invaluable experience to aid clients throughout financial services industries, including insurance.
The insurance sector specifically is faced with several fundamental challenges from the implementation of IFRS 9 and IFRS 17 in 2021, replacing the interim standard of IFRS 4.
We can help address these challenges that our clients face with:
Understanding and implementing the new calculations (which are Principle based and can be interpreted) on past, current and future business
Data issues of storage, manipulation and granularity
Modelling systems being adequate and fast enough for the deadlines
Explanation of the new results to internal stakeholders as well as the external market
Unknown future interactions that could occur during unprecedented economic situations and/or other regulatory changes
Ensuring the new regimes are suitable and adequately address their own goals.
- Insurance overview