JMR UK Consultancy Ltd

Solvency II Implementation Programme – Part One

What a Solvency II Programme Should Include

A Solvency II implementation programme is a complex undertaking and should be structured with a good programme management structure and disciplines. Because Solvency II is mainly a regulatory initiative, the regulatory elements of Solvency ll mean that implementation is driven by a number of dates that have already been ‘pre-defined’ by the regulators in order to achieve internal model approval and participate in the first dry run.

Solvency II Implementation strategy

Every business is different and so is every insurance business. However, the Solvency II implementation programme should be structured to cover the following programme streams indicated below. Each of these Solvency II programme streams should be structured as an individual project within the overall Solvency II programme structure.

  • Solvency II implementation strategy to provide the framework and controls to cover the overall implementation strategy for the programme
  • Governance to deliver the key changes required in relation to governance.
  • Risk Strategy to deliver the key changes required in relation to risk strategy
  • Statutory Reporting to deliver the key changes required to ensure that Solvency II reporting requirements can be efficiently delivered.
  • Internal Model to deliver the key changes required to develop an internal model to the level that will be approved by regulators.
  • ORSA to deliver the design, documentation and embedding of a process that will ensure the ORSA is an integral part of business strategy and used as a basis for strategic decision-making
  • Business Impact to deliver the key changes required to ensure the risk and capital management framework is embedded across the business
  • Communication Plan to deliver a multi-channelled communication programme to inform all internal and external stakeholders about Solvency II.

As part of our weekly blog posts we will cover each of these project streams in more detail, so check back here for a weekly update.

Solvency II Services

Recognising the need for collaboration early on we founded the Gain-Line partnership to pool our expertise with other companies with SII experience and expertise.

Our services are backed by a long track record of delivering for the insurance sector on time and in budget. And you benefit from the combination of an externally audited programme of governance and lower rates than you’ll find with traditional consultancy.

To find out more about how JMR Consulting UK Ltd and Magellan Consultancy Services working together can provide a safe pair of hands for your Solvency II programme, please get in touch by using the contact form, sending an email to info@jmruk.com or calling us on 0845 052 0900.

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