Fennia − Regulatory reporting solution to improve risk management
Fennia Mutual Insurance Company and Fennia Life Insurance Company Ltd chose Loihde Advance Ltd to integrate the SAS Institute’s Risk Management for Insurance solution into their system. Fennia’s project is based on the need to comply with the requirements of the future EU Solvency II Directive and also to support the insurance company’s internal risk management needs.
Solvency II is a directive that harmonizes the solvency rules pertaining to insurance companies as well as the provisions on governance systems and supervision within the EU. The directive aims to protect the interests of policyholders, insured parties, and beneficiaries, and the solvency requirements take into account all the essential risks that insurance companies must be prepared for.
The Solvency II project also improved internal analysis
Fennia decided to turn the mandatory project into an advantage. Rather than simply fulfilling the minimum requirements of the directive, the company used the project to improve internal analysis and risk management processes and reporting. The directive also made it possible for the insurance company to develop an internal model that depicts its specific risks and operations. By improving solvency monitoring, the company also contributes to the safeguarding of the interests of insured persons.
Fennia chose Loihde Advance as its solution integrator after several years of cooperation with the company in other Business Intelligence projects.