Asseco Group Organized in Romania a Major Insurance Event for Insurance
“EU Insurance regulations - from theory to practice via IT” Now, when everyone is talking about the effects of Solvency II upon the Romanian insurance companies, Asseco, Kofax and Deloitte organized an event that made all the challenges look different in the light of the new IT solutions!
“EU Insurance regulations - from theory to practice via IT”
Now, when everyone is talking about the effects of Solvency II upon the Romanian insurance companies, Asseco, Kofax and Deloitte organized an event that made all the challenges look different in the light of the new IT solutions!
Bogdan Mustata, Sales Manager, Asseco SEE Romania:
“All insurance companies, including those operating in Romania, are getting ready for the implementation of Solvency II, with its challenges, including those related to IT, and Asseco offers solutions developed by or colleagues from Denmark, Slovakia and Poland”, Solvency II is a fundamental review of the capital adequacy regime for the European insurance industry which aims to establish a revised set of EU-wide capital requirements and risk management standards that will replace the current solvency requirements. All insurance companies, including those operating in Romania, have started to face this challenge and to prepare.
This event is a component of our strategy named “One Stop Shop for Insurance” and our goal is to offer complex IT solutions, services and integrated systems that can solve the problems insurance companies are facing during this period of transition.
We are very glad thar colleagues from Asseco Poland, Slovakia and Denmark participated, which is a part of synergy strategy implementation in progress at group`s level”.
Miroslaw Leniart, International Sales Coordination Manager, Asseco Group:
"Asseco Group is honored to have very long-term and successful co-operation with all type of players in the insurance sector across the world. One of the largest IT vendors in CEE region is cooperating with local and international insurance companies both life and non-life, intermediaries and insurance market supervisory institutions for many years. Asseco is delivering not only well known and appreciated core insurance systems but also variety of solutions dedicated to specific areas of insurance activity as accounting and payment, claim management, reinsurance, pricing, sales, commissions and product definition. Being able to support safely insurance companies in the most complex IT evolution become one of our hallmarks.
We are honored to have as partner a leading company like Deloitte. Our common event in Romania is an extention of a strong co-operation our companies have in Denmark, where they closely work to promote Solvency II soution developed by Asseco. Asseco’s SII Engine is currently the only coherent solution in the market, which gives non-life as well life insurance companies the ability to handle the full set of requirements of the 3 Pillars in EIOPA’s Solvency II Directive. Companies will be able to calculate, stress test and report, have all the required audit trails, security, company specific workflows and approval process in place in accordance with their ORSA process. Companies will be able to source data from the already implemented insurance, data warehouse, and finance systems and even third-party data suppliers.
The Solvency II directive is still evolving and Asseco offers our clients to maintain and secure a solution, which is allways up-to- date with the Solvency II directives latest reuirements. This maintenance process is handled in close co-operation with Deloitte Actuarial and Insurance solution experts”.
Andrea Maffei, Actuarial & Insurance Solutions, Deloitte Central Europe:
“A market consistent and well embedded Solvency II framework is designed to provide a safe regulatory regime capturing all risks insurers are and will be exposed to in the future. It is already a challenge to translate regulatory texts into clear and manageable actions and define the right level of sophistication, but much more revisiting the way people, technology and processes interact and efficiently work toward common objectives, deliverables, dependencies and requirements.
In practice, implementing Solvency II means cross-competency expertise, cultural change, anticipation, pragmatism, collaboration, communication, excellence, qualitative and quantitative rigorous analysis and relentless pursuit of Solvency II benefits and opportunities,” he added.
Paul MITROI, General Manager, General Direction of Solvency and Implementation, ISC - Insurance Supervisory Commission:
“In the actual context, Romanian insurance companies have to rethink their strategies and risk management models. Solvency II is not necessarily a novelty for the Romanian insurance companies. The system will bring, however, organizational changes and it will help increase the confidence of customers in the profile companies, also bringing the Romanian insurance market closer to the European one".