Equiniti Solvency II Services

Background to Solvency II

European insurers and reinsurers face many challenges in the drive to implement Solvency II requirements by the January 2013 deadline. The EU Directive is driving consolidation within the industry as the need to develop governance structures and processes, increase transparency and enhance enterprise risk management (ERM) is proving onerous. For all, the changes are significant, and for many, the on-going legal and regulatory compliance will force a complete transformation of the way in which they manage risk and risk-related activities. This, in turn, has implications for:

• Data held
• Reporting systems
• Finance and risk systems
• People, processes and technology
• Customer communication.

The proposed Solvency II framework has three main areas (pillars):

Pillar 1 consists of the quantitative requirements to ensure that the organisation is able to manage risk effectively

Pillar 2 sets out requirements for the governance, risk management and effective supervision of insurers, as well as for the effective supervision of insurers

Pillar 3 focuses on disclosure and transparency requirements

Equiniti is well placed to help insurers to meet the challenges providing consultancy, guidance and support to help manage this journey.

Equiniti can provide a range of value-added services around the Transfer of Portfolio under Article 69 of the EU Directive, helping to alleviate the burden of large scale customer communications. We can provide a complete end-to-end print, mail, distribution and contact centre service to support Transfer of Portfolio events, and indeed any wider large scale customer communication required to support implementation of Solvency II. Furthermore, Equiniti can deploy its wider resources, skills and talent for your benefit throughout the lifecycle of the Solvency II challenge.

• Small to large scale flexible contact centre support providing dedicated agents or bureau service. Equiniti has the added capability to ramp-up and ramp-down agent resources to meet demand at short notice
• Full print and mail fulfilment
• Facility to manage returned mail
• Additional data migration, manipulation and cleansing to support the project planning phase, taking the pressure off internal resources to manage BAU
• IT support to help deliver risk management system requirements
• Dedicated project manager with a team of programme designers to ensure appropriate delivery on time and on budget
• Dedicated account manager
• Option to embed the programme creating a long term strategic partnership managing Solvency II BAU.

Why Equiniti?

• Extensive experience working with the insurance and banking sectors
• World class governance structures and control
• Know Your Customer (KYC) and anti money laundering controls
• Extensive risk management experience
• Track record in large scale complex tasks
• Experienced management with tried and tested process skills
• Necessary recruitment channels to ensure flexibility
• ISO accredited
• FSA regulated
• Customer Contact Association (CCA) Global Standard© accredited