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The Actuary The magazine of the Institute & Faculty of Actuaries

HSBC Insurance chooses IBM Analytics for Solvency II task

HSBC Insurance UK has selected IBM Business Analytics to help prepare the company for the upcoming European Solvency II legislation.

IBM will assist HSBC in developing and implementing a business analytics solution that will provide insight and analysis of the company’s risk management data so that capital can be efficiently allocated to cover business risks. The solution will provide a store for HSBC’s risk and solvency modelling data and will permit HSBC to demonstrate quality, availability and traceability of all key regulatory data and associated reporting.

"Managing risk is one of the most important missions of a financial institution." said John Smith, insurance business solutions partner, IBM Global Business Services, UK & Ireland. "Working with HSBC, IBM is creating a system that will provide the most stringent safeguards for the insurer, its shareholders and customers."

In order to comply with Solvency II’s governance and reporting requirments, the new database will support HSBC by producing both fact-based insight and secure evidence of risk and solvency-related decisions, including full audit trail, approval/rejection and controlled manual adjustments.

Stephen Coombes, chief fnance officer, HSBC Insurance UK, said: "Preparation for Solvency II is critical for our business and demands specialist expertise - we are pleased to be working with IBM on this vital activity."