SunGard Creates Solvency II and Enterprise Risk Management Framework in Collaboration with Microsoft and HP
By Sungard, PRNEMonday, July 12, 2010
ATLANTA, July 13, 2010 - SunGard has created a new enterprise risk management (ERM) framework that
will help support insurance companies' Solvency II (SII) compliance
initiatives. In collaboration with Microsoft and HP, SunGard has identified
and packaged technology components and consulting services that can help
insurance customers define and implement a comprehensive ERM technology
framework that supports SII requirements. The framework comprises SunGard's
iWorks ERM solution, HP's consulting services and infrastructure portfolio,
and Microsoft's HPC and SQL servers.
The new framework, which was unveiled today at Microsoft's Worldwide
Partner Conference (WPC2010) in Washington, DC, will provide customers with a
single ERM roadmap. The technology components are configurable to customers'
unique requirements, and include hardware, software, and actuarial, data
management and implementation support. Identifying a configurable combination
of solution and services helps customers eliminate the time-consuming and
detailed process of defining and sourcing the components needed to build an
ERM discipline across an organization.
The framework will help insurers obtain a view of risk across business
silos and help them comply with SII. SII is an initiative affecting life,
non-life and reinsurers operating in the European Union, which will set out
by 2012 new, strengthened EU-wide requirements for capital adequacy and risk
management. Today, most insurers manage risk data within each discipline
without a cohesive view of the exposure throughout the business.
"Solvency II continues to be an evolving mandate of critical importance
for carriers globally," said Craig Weber, senior vice president of Celent's
insurance practice. "The combined assets of SunGard, Microsoft and HP give
carriers a compelling, holistic option to consider as they strengthen the
technology and services they have to support Solvency II initiatives."
In addition to SunGard's enterprise risk management solution, iWorks
Prophet Enterprise, the ERM framework includes SunGard's actuarial, business
process management, analytics and business intelligence capabilities to
support the governance and control requirements of Solvency II. SunGard also
brings consulting services, providing best practices in ERM solutions
implementation.
"It is our view that Solvency II compliance represents the first step in
building a comprehensive ERM infrastructure," said Greg Webber, president of
SunGard's insurance business. "Our collaboration with Microsoft and HP offers
a unique combination of risk management solutions, services and technology
infrastructure that can form the foundation for a robust ERM strategy for
insurers worldwide."
SunGard's iWorks Prophet will be deployed on HP infrastructure
technology, including desktops, servers and storage. HP's business
intelligence, application modernization and business transformation services
complement the solution and offer capabilities that bring the scale as well
as local business expertise to support customers globally.
"As the 2012 deadline for Solvency II compliance approaches, insurance
institutions in the European Union will require enhanced capacity to store,
identify, retrieve and manage data to meet the requirements of SII," said
Wayne Lewin, executive director, Insurance Segment, HP. "HP's in-depth
experience in business transformation and data management will help SunGard
provide fast, effective and consistent support to insurers."
Microsoft's HPC Server and SQL Server provide the platform and database
for the solution that will help insurers accelerate risk modeling
calculations by balancing the workload over a large grid of processors.
Microsoft's Windows HPC Server 2008 helps insurers reduce the cost and
complexity of running large scale clusters or grids, and the successful
completion of the 1024-core lab test demonstrates its capacity to perform at
scale as calculation and data requirements grow. SQL Server provides data
management, while Microsoft SQL Server Data Analytics Services supplies the
analytics capabilities. Microsoft Office Excel and Power Pivot deliver
management dashboards as well as actuarial and regulatory reporting
capabilities.
"The new SunGard ERM framework on a high-performance Microsoft platform
is an excellent example of the success of our partnership approach in meeting
our insurance industry customers' most demanding business challenges in
today's difficult regulatory environment," said Karen Cone, Microsoft's newly
appointed general manager of its Worldwide Financial Services Sector at the
Microsoft Worldwide Partner Conference. "The combination of iWorks Prophet
Enterprise and Microsoft's Windows HPC Server 2008 will help insurers build
the actuarial models that are critical to manage enterprise risks in more
volatile markets, while at the same time satisfying increasingly stringent
regulatory requirements. Our success in meeting even the most demanding
business needs of our financial services customers can be measured in
Microsoft's growing momentum in our insurance industry partner ecosystem."
The announcement was made at Microsoft's Worldwide Partner Conference
(WPC) 2010. WPC2010 is Microsoft's premier event for the partner community to
learn about Microsoft's road map and best practices for the year, and gain
exclusive access to connect and network with other partners and Microsoft
employees. WPC2010, held July 12-15 in Washington, D.C., will showcase
Microsoft's growing momentum in its partner ecosystems worldwide.
About SunGard's iWorks
SunGard 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 aligns with changing business and
regulatory needs. For more information, visit SunGard iWorks at
www.sungard.com/iworks.
About SunGard
SunGard is one of the world's leading software and technology services
companies. SunGard has more than 20,000 employees and serves 25,000 customers
in 70 countries. SunGard provides software and processing solutions for
financial services, higher 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 exceeding US$5 billion, SunGard is ranked 435 on the
Fortune 500 and is the largest privately held business software and IT
services company. For more information, please visit www.sungard.com.
Trademark Information: SunGard, the SunGard logo and SunGard 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.
For more information please contact: Adriana Senior vice president, Media Relations SunGard Financial Systems Tel: +1-718-578-1130 adriana.senior@sungard.com
Adriana Senior, vice president, Media Relations, SunGard Financial Systems, +1-718-578-1130, adriana.senior at sungard.com
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