Insurance

Insurance

  • Are you in control of your Solvency II implementation project? 
  • Will you be able to submit your Solvency II regulatory reporting templates via XBRL? 
  • Do you feel that you effectively manage risk within your organisation? 
  • Have you enchanced your internal audit and compliance functions? 
  • How effective are you at managing your customer data privacy and protection risks?

Tackling an unstable market 

Insurers are striving to sustain profitability in the face of capital constraints, volatile asset values, the softening of non-life premium rates and the slowdown in the economy. The move to EU Solvency II also presents the greatest shake-up in reporting and regulation in this generation. 

This difficult business climate is likely to accelerate consolidation as well as developments in distribution and customer relationship management as insurers look to respond to multi-channel services. 

How we can add value to your business 

Our team of professionals, with local and international experience, are able to provide you with the following services: 

Actuarial

We have extensive experience in actuarial, risk and capital management disciplines to assist compliance with actuarial challenges. 

Our local team has life and non-life consulting experience, both in the Greek and international markets, which includes actuarial reviews, product pricing and actuarial transaction work. 

Solvency II

We have extensive experience in actuarial, risk, and capital management disciplines to assist you with your Solvency II challenges. 

Our deep understanding of the Solvency II regulatory framework means that we are able to help insurance companies address complex business issues and comply with the new regulatory regime across all three pillars efficiently. 

Restructuring and run-offs

We have considerable experience in advising and assisting our clients with corporate restructuring and the discontinuance of unprofitable or unattractive insurance business. In dealing with run off business we provide specialised solutions which unlock value in discontinued long term insurance portfolios. 

In markets where forces are pushing towards consolidation, we develop innovative strategies which support consolidation of organisational structures and/or prepare a planned exit. 

XBRL Reporting

 

We have unrivalled experience and expertise with the development and implementation of XBRL reporting technologies. We can assist you to develop and integrate XBRL reporting capabilities within your company to comply with Solvency II regulatory requirements. 

We can provide you with end-to-end XBRL reporting services which include: 

  • Developing compliant XBRL taxonomies and Interactive Data Files for Pillar 3 regulatory reporting requirements 
  • Integration of XBRL into your reporting processes 
  • Providing end user training and on-going maintenance support 
  • Review of XBRL exhibits, including assessment of design, concepts and mapping of taxonomies

Performance Improvement 

We can assist you to achieve increased performance by improving the efficiency and effectiveness of key business processes through: 

  • Business process re-engineering 
  • Enhancing claims performance management 
  • Improving the reliability and timeliness of management information 
  • Development of KPIs for monitoring the performance of critical functions 
  • Efficient and reliable budgeting and forecasting 
  • Organisational redesign and target operating model 

Getting ready for the BoG Governor’s Act 

We assist our clients to comply with the Bank of Greece Governor’s Act and help them maximise opportunities from regulatory developments. 

Our services include: 

  • Design and implementation of governance structures, controls and procedures 
  • Design of risk management roles and responsibilities 
  • Review of internal audit functions and activities 
  • Developing anti-fraud programmes 
  • Developing anti-money laundering programmes 

Data Privacy and Protection 

We can help you deal with the challenges that relate to the protection of the vast array of personally identifiable information, health and card payment information that you have been entrusted with by customers, through the following services: 

  • Developing integrated privacy compliance, risk and control frameworks 
  • Conducting privacy, security and/or identity theft prevention assessments 
  • Enhancing data classification schemes and deploying automated solutions to support them 

Collections Management 

We can help you build highly efficient and effective collections programmes. 

Our services include: 

  • Operations process optimisation and design of target operating model (TOM) 
  • Design of alternative collections strategies 
  • System vendor selection, support and implementation 
  • External collections agencies management 
  • Data collection analysis and benchmarking