Global competition, escalating claims, investment losses and enormous regulatory pressures are all challenging insurers to compete efficiently and effectively to manage uncertainty and protect shareholder value. IBM software works with insurers across the world, enabling them to eliminate risk and compliance silos, manage risk across the business, sustain compliance across multiple regulations and embed these activities into core business practices. It helps insurers:
- Meet new and evolving regulations, including the Model Audit Rule, Solvency II, NAIC, GLBA, AML and SOX
- Automate compliance and supervision to help oversee business processes and employee activities, and review business processes against organizational policies and regulatory guidelines
- Proactively manage all aspects of operational risk, including risk and control self assessments, scenario analyses, loss events and key risk indicators
- Allocate capital efficiently using a risk-based understanding of profitability and performance
IBM software has helped leading insurers worldwide to leverage risk management strategies to improve their business performance. It enables insurers to execute disciplined risk and compliance programs to manage unexpected outcomes and reduce the impact of realized risks when they do occur.
It provides enhanced visibility into the risk landscape, enabling managers to make smarter decisions that maximize value, reduce costs and balance risk and returns. It allows insurers to achieve their strategic goals for both existing business processes and new initiatives, while obtaining a more holistic view of risk. Insurers can make business processes more effective and provide management with the assurance that top-line and bottom-line performance goals are being met, legal liability requirements are being adhered to and brand equity is being protected.
