London, 2nd June 2016 - Independent reviews suggest that 60-70% of major change programmes fail by their own standards, which is a major concern for insurance leaders operating in a volatile risk landscape that is increasingly disrupted by new drivers of change.
I'll be speaking on the 21st of April at the Bermuda Insurance Institute about the impact of Solvency II on IT and the role of the CIO and other Senior Management, as well as talking about the requirements that Solvency II (and other global regulation) is placing on IT.
It was reported on Friday that the UK and US are to carry out "war game" cyber attacks on each other as part of a new joint defence against online criminals.
How can we Reduce our Spend on Solvency II This is a question that is on increasingly on many lips – especially with the news that the plenary vote on the Omnibus II legislation may be further delayed (it had previously been delayed from to the 2nd July, but was further delayed at the end of last week to the 10th September 2012). There are a number of steps that firms can take to reduce the cost of their Solvency II projects, and whilst many are specific to the individual organisations, one generic approach is to start the transition from “project mode” into “business as usual” as quickly as possible.
Health-Check Process We’ve just released a tool called the Solvency II Health-Check Process (HCP). HCP is a sophisticated toolkit predicated on many hundreds of pre-set, Solvency II related questions, ranging from high-level conceptual to ‘deep-dive’ detail.
What does this mean for Solvency II? The European Parliament has delayed the vote on the final rules for the Omnibus II directive until April 2012. EIOPA can’t start its public consultation on the draft implementing technical standards before the publication of Omnibus II, hence the potential impact on Solvency II. The proposals for the Omnibus II Directive include changes to align Solvency II with the Lisbon Treaty as well as making changes to reflect the EU’s new supervisory structure. There no mention at this time that the date for Solvency II compliance will be further delayed.
How are Captives Different? Many people working in the insurance sector of Financial Services recognise that captives are different to other parts of the industry. They’re established by their customers to serve their own particular insurance requirements, meaning that they don’t sell to consumers or to businesses outside of their affiliates.This has an obvious effect on the operational drivers and structures of such companies, and their resultant asset/liability management and governance strategies have been developed for this particular type of business. Reporting requirements have also historically been an area where captives and other insurers have differed, with other insurers having, in particular, a far greater public reporting burden.