(Editor's Note: Mike Herling is vice president, consulting services for Princeton Financial Systems.)
While American insurers may take a blasé attitude about the upcoming Solvency II standards, for large multi-national insurers with operations in Europe and North America, the deadline looms and the time for implementation is growing shorter.
Meeting the Solvency II standards requires an industrialized methodology to regulatory reporting and accountancy. Without scalable IT infrastructure in place, insurers will find the re-designed regulatory landscape unmanageable. Most insurers, however, do not have the luxury or time needed to invest in a comprehensive, single solution. Rather, the cornerstone of success lies within building upon a firm's pre-existing technology foundations.
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