IT consultation Accenture has been chosen by the SAS Institute to help deploy their Risk Management for Insurance initiative in a client environment. The company in question is Folksam, a Swedish insurance provider that contracted SAS for the job late last year.

The goal of this initiative is to streamline the way Folksam’s non-life and life insurance units manage their compliance with the Solvency II directive, which aims to unify some of the regulations that apply to this particular segment.  Essentially the legislature concerns the amount of money providers need to hold in the bank in order to be able to adequately cover all their clients, and handling all that translates into a lot of work, and data, to be managed on Folksam’s end.

This is where the SAS software comes in. It will be implemented to automate a good bit of what is referred to as the three pillars of the EU’s Solvency II code: pillar I, the calculation and quantification of a provider’s capital, followed by the second pillar of risk potential assessment and supervision. The third pillar focuses mainly on keeping all these processes transparent enough for regulators.

“To address directives such as Solvency II, European insurers must focus on data quality and data governance issues to achieve a more integrated and holistic view of data management and processes,” said Per Österman, head of Analytics for Accenture Nordics. “Our people can help clients redesign how data and fact-based insights get embedded in key processes, which is critical to improving operational excellence, product leadership and customer intimacy.”

This insight is being discovered more and more frequently across an increasing number of verticals, driven by growing amounts of data that’s being re-discovered in finance and other areas.