According to the company, SAS data management and reporting platform includes an insurance-specific data model which will help life and P&C insurance companies implement solvency II standard model for calculating risk-based capital. Its business analytics framework also enables insurers to support internal model approach for risk analysis.
In addition, SAS risk management ensures solvency by stress testing insurer’s assets and liabilities from changes in market conditions. It performs accurate risk analysis, employing an enterprise data warehouse that offers efficient data management as well as it helps to lower total cost of ownership with a single solution.
SAS risk management for insurance features an insurance-specific data model that includes prebuilt data management capabilities, and risk analytical and reporting functionality. Other features include SAS market risk management for insurance, SAS underwriting risk management for life insurance, SAS underwriting risk management for P&C Insurance, and SAS firmwide risk management for insurance.
Karen Pauli, research director of TowerGroup, said: “Solvency II and other regulatory requirements are increasing the adoption of risk management solutions within insurance carriers. Behind these initiatives is an increased focus on data management, especially data quality, analytics, including stress testing, and reporting.”
