To generate added value for its business operations, Fennia Mutual Insurance Co. and Fennia Life Insurance Co. Ltd., thanks to SAS (News - Alert) Risk Management for Insurance, see the mandates of Solvency II as an opportunity. The Solvency II Directive aims to harmonize the solvency, reporting and risk management requirements of European Union insurers. The solution, from business analytics leader SAS, will improve internal analyses, reporting and risk management and also help Fennia meet Solvency II compliance.
“SAS Risk Management for Insurance helps us to streamline our solvency calculations and reporting in accordance with the new requirements. SAS also offers excellent support for our internal risk management,” said Raoul Berglund, head of risk management at Fennia Mutual.
He added that to plan and steer more efficient business operations, good capital and solvency management supports sound decision making. It is also the best way to protect the interests of the insured.
A SAS customer for 28 years, in order to address the compliance challenge, Fennia naturally turned to SAS. With more than 40 European insurance companies already using SAS Risk Management for Insurance, SAS’ solid insurance expertise includes a proven track record.
Johan Sandell (News - Alert), marketing manager for SAS Finland, stated that paired with SAS’ extensive risk management experience, SAS Risk Management for Insurance will help Fennia meet the new requirements of Solvency II in an effective manner and improve its internal risk management. Its top experts understand the challenges of the new directive and speak the same language as its customers’ risk management experts.
To help meet all requirements of the Solvency II Directive, SAS Risk Management for Insurance offers a comprehensive and flexible solution. Owned by its clients, Fennia Mutual Insurance Company has more than 70 years of experience in risk management and underwriting non-life insurance for business clients. While being the largest independent vendor in the business intelligence market, SAS is the provider of business analytics software and services.
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Edited by Rachel Ramsey