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New York, NY, United States, 2012/02/07 - Applications enable carriers to meet compliance deadlines and manage risk and capital for greater financial performance (NASDAQ: ORCL) - Oracle.com. NYSE, NASDAQ: ORCL
To help insurers effectively achieve compliance with Solvency II requirements and realize greater financial performance through better management of their capital, Oracle today announced Oracle Insurance Applications for Risk and Solvency II Compliance as part of the Oracle Financial Services Analytical Applications suite of products.
Oracle Insurance’s suite of advanced risk and compliance applications, powered by the industry-proven application infrastructure, provides insurers with a unified view of risk across multiple areas including insurance, market, operational, credit, liquidity and underwriting risks. It provides a single, enterprise-wide view of risk through “out-of-the box” business intelligence analytics. Oracle’s world-class applications enable strategic decision making and capital planning with the extensibility and speed to meet future regulatory requirements.
The pre-built, ready-to-deploy applications equip life, non-life, health and re-insurance institutions operating across multiple jurisdictions, to quickly understand and address Solvency II requirements, create a long-term solution to manage all of their data centrally and better manage their operational and market risks – all on a single unified platform.
By leveraging the data quality, integrity, reconciliation and lineage tools available within the applications, insurers can rapidly and reliably increase the quality of their Solvency II reporting and related risk management processes. Workflows, notifications, security and full audit capabilities enable insurers to effectively address the Own Risk and Solvency Assessment.
“To comply with Solvency II, insurers in Europe need to assess how they manage all solvency related data as the EIOPA December 2013 deadline approaches. Oracle's offering for Solvency II, based on Oracle Financial Services Analytical Applications, provides insurers with a ready-to-deploy solution that can accelerate the speed of compliance and reduce complexity. As important, it can provide the unified view of risk, finance and actuarial information that insurers require to optimize capital allocation and better position their organizations for success,” said S. Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications.
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