Generali Deutschland, a German financial services and insurance company, has found itself some new enterprise resource management (ERM). The company has reportedly deployed SunGard’s iWorks ERM Platform, to enhance the efficiency, accuracy and auditability of its actuarial calculations and risk review process.
The new SunGard implementation is expected to assist Generali Deutschland in automating workflow and data processes for reporting and compliance activities. With the new technology, the company will be able to automate formerly manually managed processes on an event-driven basis, following which the results of the risk calculations will be automatically transformed into a database format by the Prophet Results Database of the platform.
SunGard’s database enhances accuracy of data used in risk models while enabling Generali to consolidate and review risk data. The German company will be better positioned to establish a standardized workflow process for group-wide calculations, and iWorks will assist Generali's actuaries to meet auditability and transparency requirements, reduce the risk of operational errors and increase reporting efficiency.
In a statement announcing the implementation, Generali Deutschland group chief life and health actuary Laszlo (News - Alert) Hrabovszki said, "SunGard's iWorks ERM Platform has helped us to accelerate our progress toward meeting Solvency II requirements by tracking performed actions transparently and supporting the fulfillment of governance and compliance."
"On the departmental level, the iWorks ERM Platform helps improve the service continuity and quality of year-end or quarter-end calculations,” Hrabovszki added. “On a centralized group level, it provides shorter reporting cycles for holistic risk management."