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This research examines the most important drivers for Solvency II projects of European insurers, which are regulatory compliance and better data quality. Getting support from business stakeholders to act on these drivers is one of the biggest challenges for IT organizations.
Table of Contents
Impact: Most European Insurers Have Been Focused Simply on Regulatory Compliance and Lack a More-Strategic Attitude Toward Solvency II.
Impact: Solvency II Compliance Will Often Be Costly. Almost Half of Surveyed European Insurers Expect to Spend €7.5 Million or More on the New Framework and Have Often Increased Their Budgets.
Impact: The Biggest Focus by Insurers So Far Has Been on Pillar 1 of the Solvency II Framework, but European Insurers Expect That Solution Integration Will Consume Most Project Time.
Impact: Since There Is No Single IT Solution for Solvency II, European Insurers Need to Work With Different Software Vendors and Service Providers.
- Impact: Most European Insurers Have Been Focused Simply on Regulatory Compliance and Lack a More-Strategic Attitude Toward Solvency II.