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  • Steering Insurance Companies 3.0

    01 December 2014
    Horváth & Partners, Member Firm (Germany)

    Solvency II emphasizes, that the regulator wants to guide the insurance companies into a professional value- and risk-based management. The implementation of Solvency II is well underway – the control systems however remain largely unaffected.

    In addition to constant low interest rates and the increasing business volatility, especially the new regulatory requirements of Solvency II (ORSA1, FLAOR2) or SST3 call for further evolution in the steering of insurance companies. In particular, the quantitative risk management, the “Economic Value Management” and the value-oriented controlling, the “Economic Capital Management”, should be more integrated. This is emphasized by a study conducted in 2013: “Solvency II and its implications for the management control systems”.

    Horváth & Partners has developed the reference model “FinREx – Finance & Risk Excellence” out of various studies and practical experiences. It provides orientation how to benefit from SST/ Solvency II next to compliance. This benefit arises from less complex processes, more consistent and detailed management information as well as from a more precise controlling according to return and risk.

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