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A-Team Insight Blogs

Gjensidige Selects Moody’s Analytics’ RiskIntegrity Solvency II Solution

Norwegian insurance company Gjensidige is working with Moody’s Analytics’ RiskIntegrity Solvency II solution to improve risk management and support compliance with the forthcoming regulation. The company chose RiskIntegrity on the strength of its out-of-the-box regulatory capabilities and ease of use.

Thomas Bichard-Breaud, leader of Gjensidige’s Solvency II reporting, explains: “Moody’s Analytics offered us the best solution to help us meet regulatory requirements for our Norwegian, Danish, Swedish and Baltic operations. We preferred the solution’s integrated regulatory reporting capabilities, which leverage the same data used for solvency capital requirement calculations. This will save us time and effort when carrying out quarterly reporting.”

Moody’s Analytics introduced RiskIntegrity as part of its Enterprise Risk Solutions Suite this summer and recently released a further version of the software with increased functionality. The product consolidates regulatory risk data from multiple sources, calculates solvency capital requirements and includes integrated reporting. It builds on the company’s previous Fermat Solvency II software and is designed to deliver a more streamlined, automated and easy to use experience.

Christophe Burckbuchler, senior director of Solvency II solutions at Moody’s Analytics, says: “Since the acquisition of Barrie & Hibbert, a provider of risk management modelling tools for insurance companies, late last year, we have strengthened our organisation and focus on the insurance sector. RiskIntegrity is a Moody’s Analytics product aimed to replicate the success of our regulatory solutions in the banking sector. To create the next generation of Fermat, we reviewed its components and leveraged our expertise to bring something better to market. That is RiskIntegrity, a user-friendly solution that will help insurers meet regulatory challenges, while delivering streamlined processes and greater risk insight.”

RiskIntegrity features a thin client architecture, making it quick to deploy, and adds functionality around Solvency II’s pillar three reporting requirement, as well as general ledger reconciliation. The software includes an interface to the Economic Scenario Generator acquired with Barrie & Hibbert, allowing risk scenarios and values and projections of assets and liabilities to be pulled in. It also offers an open application programming interface.

Burckbuchler explains: “Our strength is a streamlined end-to-end solution across the Solvency II regulation and Barrie & Hibbert’s actuarial expertise on the platform, but we also recognise that it is critical to interoperate with other systems. We have deployed an interface so customers can just use our calculations, for example, or create an end-to-end solution that uses other engines. The software has been developed to be called and used by as many systems as necessary.”

RiskIntegrity adds to Moody’s Analytics’ products for the insurance sector, such as RiskFrontier for credit value at risk, and it can be integrated with the company’s RiskFoundation, a datamart that consolidates, cleanses and stores risk and finance data. With Barrie & Hibbert’s products now integrated into Moody’s Analytics’ risk management software segment, look out for more solutions for the insurance sector through 2013.

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