With confirmation of the Solvency II implementation timetable, Ernst and Young (EY) has published the results of its Pan-European survey of the insurance industry's views on topics relating to the Directive and companies' progress in implementing the necessary measures and structures. A copy of the EY survey can be found here.
One of the principal findings of the survey is that many companies still face a significant challenge to implement sufficiently robust IT and data reporting systems to cater for the various pillar requirements of Solvency II while "most insurance companies expect moderate to significant change to their IT landscape due to Solvency II implementation".
If your company is among the many embarking on (or progressing) a Solvency II related IT project and needs experienced legal support, our technology team can help. We regularly work with insurers on complex arrangements of this nature and are well versed in the regulatory framework involved. For example:
- We have recently negotiated agreements with a range of service providers for the implementation and on-going use of risk, catastrophe and capital adequacy modelling solutions (both on a hosted and customer-install basis).
- We regularly advise a number of insurers on the outsourcing of critical IT systems (ranging from the licensing of bordereau management systems, through to the outsourcing of key infrastructure and application development and maintenance services to major UK and offshore service providers).
- We have also recently published a practice note on "Outsourcing in the Insurance Sector" with the market leading Thomson Reuters 'Practical Law' resource which considers the impact of Solvency II when outsourcing and the requirements that insurance companies need to meet when putting in place arrangements of this nature. A copy of our note can be found here.