Chartis Research Highlights SunGard's iWorks as Leading Insurance Solution and Explores Solvency II Requirements

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Chartis Research Highlights SunGard's iWorks as Leading Insurance Solution and Explores Solvency II Requirements

May 14, 2012 - New York

Chartis Research published a report that highlights the Solvency II capabilities of SunGard's iWorks and its leading position within the insurance landscape, as well as the business and technology requirements and implementation challenges of insurers.  Chartis  named SunGard the top provider in the Insurance vertical category in its most recent RiskTech100® rankings dated November 2011.

According to the Chartis report, preparation for Solvency II, due to be implemented by January 2014, is a priority for most European insurers for calculating their capital, assets and liabilities and implementing risk management processes and systems.  For an insurer, non-compliance can mean additional capital requirements, potential loss of rights to trade, and overall a weakened competitive position.  Challenges remain in interpreting the regulation's complexity, the potential cost of implementation and a tight timetable.  The Chartis report positions SunGard's iWorks as a leading solution in helping insurers meet these challenges through better data quality and risk modeling tools.

Among the key findings of the Chartis report are:

• Confidence in data quality, and the processes and systems that source the data, is fundamental and crucial to ensure accurate models for calculating Solvency II capital requirements
• Lessons can be learned from banks' experience implementing Basel II in terms of similar challenges, the evolution of technology offerings, and common success factors
• Increasing convergence of the banking, insurance and capital markets industries has led to enhancements in risk modeling tools and techniques

Peyman Mestchian, managing partner at Chartis Research, said, "Solvency II should be viewed as an opportunity for businesses to improve their risk management and understand their risks in a different way, and support informed decision making. It will also help with portfolio diversification and cost reduction, especially as international competition drives interest in cross border mergers and acqusitions. SunGard iWorks is helping insurers achieve greater visibility and risk control across their organizations."

JP James, chief operating officer of SunGard's iWorks Risk Management business, said, "As Solvency II looms large on insurers agendas and global competition intensifies, they are also focused on controlling costs, improving efficiency, and supporting growth in scale and functionality to keep pace.  SunGard remains committed to delivering solutions that help insurers navigate industry change as complexity and regulators' demands increase."

To support the complexities of Solvency II, SunGard provides business consulting, technology and professional services. SunGard's iWorks helps insurers manage their complex data needs and optimize end-to-end business processes, providing an enterprise risk management (ERM) framework that facilitates risk measurement, management and reporting, data warehousing, and business intelligence. 

About Chartis Research
Chartis is the leading provider of research and analysis covering the global market for risk management technology. Our goal is to support enterprises seeking to optimize business performance through better risk management, corporate governance and compliance. We help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on the broad spectrum of risk technology offerings. Chartis Research is authorized in the United Kingdom by the Financial Services Authority (FSA) to provide investment advice. RiskTech100® is a Registered Trade Mark of Chartis Research Limited. For more information, visit www.chartis-research.com.

About SunGard's iWorks
SunGard's iWorks is a business-driven IT product suite for the insurance industry in each of the following major business lines: life/health/annuities/pensions, property and casualty and reinsurance. iWorks offers a range of products and services including front-office tools, policy administration, reinsurance, actuarial calculations, financial accounting, investment accounting, and reporting. SunGard partners with customers to deliver products and services that align with changing business and regulatory needs.

About SunGard
SunGard is one of the world's leading software and technology services companies. SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $4.5 billion, SunGard is the largest privately held software and services company and was ranked 480 on the Fortune 500. Look for us wherever the mission is critical. For more information, visit www.sungard.com.

Trademark Information: SunGard, the SunGard logo and iWorks are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.