"The growing tide of continuously-evolving legal and regulatory requirements has become a challenge for insurance companies. Most have not yet managed to develop an efficient, standardised approach to orchestrate their reaction to continuous regulatory changes.
Many insurers lack an integrated, company-wide overview of the cross disciplinary topics to be addressed. In such cases, the required linkages and interdependencies end up being worked out only post-implementation (sometimes without achieving full functional or technical integration), resulting in a limited transformation of single divisions or units, while failing to address the company-wide context.
These findings have been underscored through a survey conducted by BearingPoint. In almost 20 insurance companies that are active within international markets, representatives (whose roles are closely tied to Solvency II, IFRS 4 and IFRS 9 topics) were interviewed using a standardised questionnaire.
In a bid to bring additional clarity in the jungle of regulatory requirements, BearingPoint has developed a model that can provide guidance to insurers. At the heart of this model is a standardised cross-functional analytical approach, which includes a number of reporting requirements, provides rapid results and highlights synergies with respect to an insurer’s strategy, process, methodology and IT landscape. On the basis of this detailed analysis, a finance and risk architecture can be developed."