Life and P&C Insurers Lack Strategic Perspective on Solvency II

G00229155

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Summary

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

  • Analysis
    • 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.
  • Recommended Reading
© 2012 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 Gartners 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.

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