Germany-based insurance and financial services provider, Generali Deutschland has deployed SunGard’s iWorks ERM Platform, to enhance the efficiency, accuracy and auditability of its actuarial calculations and risk review process.
The configurable enterprise risk management (ERM) technology will assist the provider to automate workflow and data processes for reporting and compliance activities.
The platform’s process controller will initially automate formerly manually managed processes on an event driven basis, following which the results of the risk calculations will be transformed into a database format by Prophet Results Database.
The database enhances accuracy of data used in risk models while enabling Generali to consolidate and review risk data.
Generali Deutschland group chief life and health actuary Laszlo Hrabovszki said, "SunGard’s iWorks ERM Platform has helped us to accelerate our progress toward meeting Solvency II requirements by tracking performed actions transparently and supporting the fulfillment of governance and compliance."
"On the departmental level, the iWorks ERM Platform helps improve the service continuity and quality of year-end or quarter-end calculations. On a centralized group level, it provides shorter reporting cycles for holistic risk management," Hrabovszki added.
Capable of establishing a standardized workflow process for group-wide calculations, iWorks assist Generali’s actuaries to meet auditability and transparency requirements, reduces risk of operational errors, and increases reporting efficiency.