Solvency II continues to gather momentum and many now recognise it will impact insurance companies at every level from boardroom to back office operations. Thursday 21st of October at the London Capital Club saw the inaugural Solvency II event from Gain-Line, a new partnership offering a comprehensive set of Solvency II services, which was very well attended by a number of Lloyd’s and London market companies.
At the event, senior representatives from insurance firms gathered to hear firsthand how Barbican Insurance and Liberty Syndicate’s Solvency II programmes were progressing. Kesh Sharma, Managing Director of Magellan Consultancy Services says, ‘It was refreshing to see companies recognising that Solvency II leaves a lot to individual interpretation, which can have both negative and positive implications, but it is very positive to see these companies proactively embracing and introducing positive change in their organisations.’
Mark Fidler of Liberty focussed on the data requirements and delivered a thought provoking presentation highlighting the challenges, but also the many options and opportunities open to companies looking at Solvency II early. ‘With far reaching implications across the company, people really need to start looking at the impact now particularly in regard to the IT systems. The longer companies leave it the more costly it could become and it is likely to deliver a lower return on investment with firms progressively being reactive rather than proactive,’ says Kali Bagary, Managing Director of JMR Consulting UK.
‘Having the right resources is key within this environment as there are a number of resources out in the market who claim to be experts in Solvency II, when this can plainly not be the case when you consider where we are in the implementation lifecycle and how the guidance and directives are still being produced’ says Tariq Ghadie, Partner of CirclePeople.
Yvonne Bouman Director of ERM at Barbican talked about taking a wholly different approach and extending the reach of the programme to introduce further enhancements across the company she said, “It was a pleasure to attend and present at Gainline’s SII networking evening on the 21st of October. The London Capital Club was the perfect setting for a relaxed, informal and informative event. I enjoyed the debate that followed the presentations, as well as the opportunity to learn from others and expand my network. I look forward to the next one and definitely see the value of these types of events”
The Gain-Line Solvency II event attracted interest from a wide-range of companies including Barbican Insurance, Brit Insurance, Chaucer, QBE and Ark Underwriting. ‘It was clear that companies are keen to engage, share experiences and learning. We had very positive feedback and so will organise another event in January, but want to ensure it facilitates the kind of information sharing companies need,’ says Nick Eddery-Joel of Hillway Consulting.
The Gain-Line Partnership will be organising further events in the New Year both in London and visiting companies around the UK to share Solvency II experience, thoughts and best practice.
For further information about Gain-line Solvency II please log on to www.gain-line.co.uk
About Gain-Line
Gain-Line is a partnership of providers including Magellan Consultancy , JMR Consulting UK Ltd, Hillway Consulting and Circle People that together provide a range of services designed to support companies at every stage of dealing with the Solvency II requirements.
For further press information contact John Bancroft on 0845 052 0900 or email john.bancroft@jmruk.com
If you would like to join an ongoing online discussion on Solvency II then visit this LinkedIn discussion group.