Under Solvency II, important changes are proposed to the evaluation of technical provisions and the impact on reserving processes will be marked. While some of the approaches and techniques applied under Solvency II will be similar to those followed currently, there are other areas where significant changes will be required.
Insurance asset liability management (ALM) is the process of studying an insurance company’s exposure to asset and liability risk, defining its risk tolerance and its financial goals and planning the actions it should take in order to limit its exposure while reaching those goals.
The Solvency II Directive introduces strict requirements for data quality. Insurance companies will need to manage these processes to comply with the Directive.
Solvency II is a fundamental review of the capital adequacy regime for the European insurance industry, and its aim is to ensure the financial soundness of insurance companies to not only protect policyholders’ interest, but also increase competition in the EU insurance market. Preparing to meet Solvency II requirements is one of the highest priorities for insurance companies in Europe. Data management activities represent the largest portion of the work involved in Solvency II projects, with data quality having a prominent role.
To be competitive an organization have to increase theirs performances without increase theirs costs. It's often necessary to pass by a change in the HR organization. But how can we find the best performance key? And the data sets become so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications. It’s easy to see how in larger organizations with thousands of employees and multiple HR data points how HR can find itself with a big data issue.