Much More Than Compliance: How Solvency II Will Impact Insurance Business Processes and IT Systems

ID Number: G00160759

21 August 2008

Juergen Weiss

Solvency II will lead to major changes for European insurers and will affect most core insurance processes, including product development, underwriting, marketing and sales. Gartner examines the potential effects of the upcoming legislation on business processes and IT systems.

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Table of Contents

Analysis

1.0

Introduction

2.0

Objectives and Basic Principles of Solvency II

2.1		Shortcomings of the Existing Solvency I System
2.2		The Three Pillars of Solvency II
2.3		Standard Models Versus Internal Risk Models

3.0

Impact of Solvency II on Insurance Processes and Systems

3.1		Product Development
3.2		Marketing and Sales
3.3		Quotations, Underwriting and Risk Management
3.4		Policy Administration
3.5		Asset and Investment Management

4.0

Conclusion and Recommendations

Recommended Reading

List of Figures

	Figure 1.	Solvency II Three-Pillar Structure

Insurance Systems
Insurance Risk Management
Insurance Business Strategies
Insurance and Healthcare Payer Regulations

© 2008 Gartner, Inc. and/or its Affiliates. All Rights Reserved. Reproduction and distribution of this publication in any form without prior written permission is forbidden. The information contained herein has been obtained from sources believed to be reliable. Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information. Although Gartner's research may discuss legal issues related to the information technology business, Gartner does not provide legal advice or services and its research should not be construed or used as such. Gartner shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof. The opinions expressed herein are subject to change without notice.

Resource Id: 745517