This is a pivotal year for most insurers as they strive to make sure they are fully compliant with Solvency II regulations by the time of its implementation in January 2016. This requires more data than any other regulation to be located, categorised and cleansed to enable the filing of correct regulatory reports. Many insurers have not met these reporting requirements, often claiming that their systems and data were not advanced enough.
The adoption of optimised data management and big data analytics is fundamental to success in meeting the components of the framework. And upgrading to a new modern technology infrastructure will realise significant long term benefits.
Trustmarque empower insurance organisations to cost-effectively capitalise on the power of big data, not only to ensure compliance with data-intensive regulations, but to create competitive advantage, boost customer retention and acquisition, to find operational efficiencies, and to improve claims operations.
We have recently launched a whitepaper to help insurers embrace IT. The paper highlights the technology challenges faced within the insurance industry, how you can tackle these issues and some ‘best practice’ guidelines to help you tackle the obstacles faced and re-architect your business to operate in this new landscape.
Re-Insurance: Lloyd’s Organisations
The high regulatory pressures on London Market participants’ raises costs, and increasingly, these costs are heightened by the use of legacy applications. Lloyd’s organisations are challenged to reduce the cost of doing business by delivering on infrastructure activities with robust and flexible IT.
Technology is shortening the supply chain, providing efficiencies in operations and creating a competitive environment driven by speed and efficiency of adaptation to new technologies. For instance, improved information and analytics can be used to deliver value to customers and enable a better selection of risk. Further, the global mobility of broker operations is made possible through increased real-time access to data insights.
With Trustmarque’s flexible and agile solutions for data management, reinsurers can gain improved operational efficiency and productivity, enabling the shift from being a document driven organisation to becoming a data driven organisation.
In an effort to support continued business growth, many IT departments within Asset Management organisations are looking to refresh their IT environment and enable on-demand application availability to support continued business growth. Reliance on legacy systems prevents the use of innovative technology, which in turn inhibits business growth.
Modern technologies such as cloud computing, enterprise mobility, big data and social media are driving huge changes in modern IT infrastructures. Asset Management organisations have to adopt advanced and scalable systems and platforms to maintain a competitive advantage.
Trustmarque works with clients to ensure their network infrastructure, and where appropriate, cloud offering keeps pace with change whilst containing costs and complexity.
Technology is at the heart of the change in the UK banking sector. Banks, both global and regional, need to modernise their ageing legacy systems to stay competitive and agile, as well as to meet the needs of customers and increasing regulatory pressures.
Digital banking continues to play a significant role in the development of the sector with customers in the driving seat, demanding that banks invest in the latest technology. Banks can now provide modern, customer-centric platforms that deliver service excellence and a multi-channel experience.
With Trustmarque’s robust end-to-end technology capabilities, banks of all sizes can accelerate their business growth and system modernisation, deliver innovative offerings, and gain improved customer satisfaction – whilst minimising unnecessary cost and risk associated with IT transformation.