Regulation is still a top agenda item for insurers, and as Accenture’s 2013 Global Risk Management Study finds, there are significant issues insurers need to fix before compliance with Solvency II—and other insurance regulations—is achieved.
According to the survey, the top current focus areas for insurers are:
- Implementing an adequate IT architecture—58 percent;
- Developing an integrated internal model—57 percent;
- Implementing a meaningful use test—51 percent;
- Documentation of risk processes—43 percent;
- Documentation of risk governance—36 percent.
While much work remains to be done, some insurers are already considering how to turn newly developed capabilities to the benefit of the broader business. Next week, I’ll conclude my series by looking at the specific benefits insurers expect to reap beyond compliance.
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