Swedbank Robur has extended its use of SimCorp Dimension to include the software provider’s Solvency II solution. The asset manager was already using Dimension as its core investment management platform and its choice of the software for Solvency II was a natural move as the platform already includes most of the functionality required to meet the European directive.
Swedbank Robur, which manages about €70 billion in assets, is up and running with the Solvency II solution and is using it to calculate the solvency capital requirement under Pillar 1 of the directive and authority reporting, public disclosure and risk reporting under Pillar 3. The asset manager, which also offers funds administration, was prompted to set up for Solvency II when faced with a specific request from one of its clients.
Robert Hyltén-Cavallius, head of reporting at Swedbank Robur, says: “Our strategy is to maximise the use of SimCorp Dimension by having the system support as many standard business processes as possible. We now benefit from a Solvency II solution that is fully integrated with the rest of our system. The result is higher data quality, lower operational risk and low maintenance cost. As it is an integrated part of our system setup, the solution can also be offered to our clients.”
Carsten Kunkel, manager of the regulatory and compliance group at SimCorp, explains that 99% of the functionality required for Solvency II already existed within the SimCorp Dimension platform, leaving the firm to configure rather than build the necessary software. He says: “We needed to enhance existing market value calculations with stress tests to meet the requirements of Pillar 1 and implement data classification and set up reports for Pillar 3.”
With a number of insurance clients in central Europe, Swedbank Robur adds to a tally of 15 SimCorp Solvency II projects in the region with 10 concentrating on Pillar 1 of the directive and five on Pillar 3.