In-Series Legacy Systems: Solvency II - Time for an upgrade

Solvency II, which is scheduled to be introduced at the beginning of 2016, is set to put pressure on insurers' legacy systems. With its requirement to measure and quantify risk to determine how much capital is reserved, the greater the degree of accuracy an insurer can achieve, the lower the amount of capital required and the bigger the competitive advantage.

But with many insurers relying on systems built well before the Solvency II requirements were even conceived, achieving this accuracy is proving a challenge.

Guidewire's In-Series article looks at how insurers running on outdated legacy systems can prepare themselves for the host of new data demands set to be ushered in by Solvency II.