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SunGard Creates Solvency II and Enterprise Risk Management Framework in Collaboration with Microsoft and HP
Jul 13, 2010 (10:07 AM EDT)
ATLANTA, July 13 /PRNewswire/ -- SunGard has created a new enterprise risk management (ERM) framework that will help support insurance companies' Solvency II (SII) compliance initiatives. In collaboration with Microsoft and HP, SunGard has identified and packaged technology components and consulting services that can help insurance customers define and implement a comprehensive ERM technology framework that supports SII requirements. The framework comprises SunGard's iWorks ERM solution, HP's consulting services and infrastructure portfolio, and Microsoft's HPC and SQL servers.
The new framework, which was unveiled today at Microsoft's Worldwide Partner Conference (WPC2010) in Washington, DC, will provide customers with a single ERM roadmap. The technology components are configurable to customers' unique requirements, and include hardware, software, and actuarial, data management and implementation support. Identifying a configurable combination of solution and services helps customers eliminate the time-consuming and detailed process of defining and sourcing the components needed to build an ERM discipline across an organization.
The framework will help insurers obtain a view of risk across business silos and help them comply with SII. SII is an initiative affecting life, non-life and reinsurers operating in the European Union, which will set out by 2012 new, strengthened EU-wide requirements for capital adequacy and risk management. Today, most insurers manage risk data within each discipline without a cohesive view of the exposure throughout the business.
"Solvency II continues to be an evolving mandate of critical importance for carriers globally," said Craig Weber, senior vice president of Celent's insurance practice. "The combined assets of SunGard, Microsoft and HP give carriers a compelling, holistic option to consider as they strengthen the technology and services they have to support Solvency II initiatives."
In addition to SunGard's enterprise risk management solution, iWorks Prophet Enterprise, the ERM framework includes SunGard's actuarial, business process management, analytics and business intelligence capabilities to support the governance and control requirements of Solvency II. SunGard also brings consulting services, providing best practices in ERM solutions implementation.
"It is our view that Solvency II compliance represents the first step in building a comprehensive ERM infrastructure," said Greg Webber, president of SunGard's insurance business. "Our collaboration with Microsoft and HP offers a unique combination of risk management solutions, services and technology infrastructure that can form the foundation for a robust ERM strategy for insurers worldwide."
SunGard's iWorks Prophet will be deployed on HP infrastructure technology, including desktops, servers and storage. HP's business intelligence, application modernization and business transformation services complement the solution and offer capabilities that bring the scale as well as local business expertise to support customers globally.
"As the 2012 deadline for Solvency II compliance approaches, insurance institutions in the European Union will require enhanced capacity to store, identify, retrieve and manage data to meet the requirements of SII," said Wayne Lewin, executive director, Insurance Segment, HP. "HP's in-depth experience in business transformation and data management will help SunGard provide fast, effective and consistent support to insurers."
Microsoft's HPC Server and SQL Server provide the platform and database for the solution that will help insurers accelerate risk modeling calculations by balancing the workload over a large grid of processors. Microsoft's Windows HPC Server 2008 helps insurers reduce the cost and complexity of running large scale clusters or grids, and the successful completion of the 1024-core lab test demonstrates its capacity to perform at scale as calculation and data requirements grow. SQL Server provides data management, while Microsoft SQL Server Data Analytics Services supplies the analytics capabilities. Microsoft Office Excel and Power Pivot deliver management dashboards as well as actuarial and regulatory reporting capabilities.
"The new SunGard ERM framework on a high-performance Microsoft platform is an excellent example of the success of our partnership approach in meeting our insurance industry customers' most demanding business challenges in today's difficult regulatory environment," said Karen Cone, Microsoft's newly appointed general manager of its Worldwide Financial Services Sector at the Microsoft Worldwide Partner Conference. "The combination of iWorks Prophet Enterprise and Microsoft's Windows HPC Server 2008 will help insurers build the actuarial models that are critical to manage enterprise risks in more volatile markets, while at the same time satisfying increasingly stringent regulatory requirements. Our success in meeting even the most demanding business needs of our financial services customers can be measured in Microsoft's growing momentum in our insurance industry partner ecosystem."
The announcement was made at Microsoft's Worldwide Partner Conference (WPC) 2010. WPC2010 is Microsoft's premier event for the partner community to learn about Microsoft's road map and best practices for the year, and gain exclusive access to connect and network with other partners and Microsoft employees. WPC2010, held July 12–15 in Washington, D.C., will showcase Microsoft's growing momentum in its partner ecosystems worldwide.
About SunGard's iWorks
SunGard iWorks is a business-driven IT product suite for the insurance industry in each of the following major business lines: life/health/annuities/pensions, property and casualty and reinsurance. iWorks offers a range of products and services including front-office tools, policy administration, reinsurance, actuarial calculations, financial accounting, investment accounting, and reporting. SunGard partners with customers to deliver products and services that aligns with changing business and regulatory needs. For more information, visit SunGard iWorks at www.sungard.com/iworks.
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, please visit www.sungard.com.
Trademark Information: SunGard, the SunGard logo and SunGard iWorks are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.