Oracle announces the availability of Oracle Insurance Solvency II Analytics, a solution designed to help insurers quickly understand and comply with Solvency II reporting requirements and better assess and manage risk using a single unified platform.
Solvency II requires insurers to prove to regulators that they have enough capital in reserve to remain solvent. As part of the mandate, insurers must provide visibility into how they manage all solvency-related data, as well as how that information is used and incorporated into reporting. Oracle believes this is creating significant compliance challenges for insurers.
The Oracle Insurance application provides extensive out-of-the-box reports and dashboards designed to cover Solvency II Pillar 2 and 3 requirements, enabling insurers to accelerate compliance with pending European Insurance and Occupational Pensions Authority (EIOPA) deadline of January 2014 and gain the visibility required to improve capital management.
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