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Solvency II Validation Tool

 

Globally, there is an urgent need for a robust framework in insurance companies, banks and financial institutions to assess and manage financial risk. Enterprises need to frequently review the existing risk management strategies to ensure system stability.

Leveraging TCS’ Solvency II Validation Tool (SVT) enables an automated and integrated platform to validate data accuracy and completeness. It comes pre-loaded with a generic set of data warehouse and Solvency II-specific validations, helping you stick to the pre-determined budget and time slot. It also provides you the flexibility to add new validation rules, modify or delete any preset validations and can be stored for re-usability. Thus, along with the test scenarios for Solvency II validation, this helps accelerate your risk platform assurance program significantly.

Benefits:
TCS’ SVT helps you increase productivity, allowing your subject matter experts in data quality assurance to focus on core strategic initiatives. It further proves beneficial in the following ways:

  • Reduces cycle times by 20-30%
  • Reduces manual effort by 30-40%
  • Improves the quality of data through a cost-effective solution that eliminates data woes
  • Avoids the risk of non-compliance, enhancing adherence to regulators’ directives and new validations
  • Ensures adherence to stringent timelines for Solvency II implementation program
  • Enhances the chances of regulatory approvals for the adoption of advanced risk management approaches

Why TCS?
TCS’ offering is built to address the testing challenges for Solvency II compliance. We accelerate the overall Solvency II validation process and reduce costs. By partnering with us, you stand to gain from the following:

  • Comprehensive validation approach: Our offering comprehensively validates the compliance to Solvency II norms as per the European Union Directive. The tool also caters to regression aspects and automates the validation process, minimizing human effort.
  • Solution accelerators: We help you leverage our in-house tools for rapid test data creation and mask the sensitive data from production into test environment. Our Insurance Business Testing (IBT) framework possesses, with more than two thousand reusable standard test scenarios, can be easily deployed to create a regression test bed with about 60% re-usability.
  • Industry domain expertise: We serve insurance customers across the globe with more than eight testing Centers of Excellence (CoE) already built and more being planned. Our resources are certified in multiple areas across the insurance domain (LOMA, CPCU etc.)