Northdoor unveils Solvency II checklist

11 October 2010

Northdoor, the IT consultancy and solutions provider, has today unveiled its ‘Solvency II checklist’. The checklist is for use by compliance and IT departments throughout the insurance industry and has been designed to give companies an accurate picture of their Solvency II progress along the road to meeting Solvency II regulations.

Northdoor is working with a range of companies in the London and general insurance markets to help them achieve Solvency II compliance. The checklist has been developed from Northdoor’s experience of real-life challenges faced by companies as they adapt and review their businesses in respect of Solvency II.

Rob Stavrou, director of consultancy at Northdoor, said “Solvency II is throwing up a host of challenges for market participants. While we hear a lot of discussion around the deadline pressure and possible technology tools, very few have the practical experience and methodology to assist the insurance companies throughout the change. We wanted to develop this checklist so companies like our clients can have a clear picture of where they are right now, and where they need to get to and how to get there. The key starting point is establishing a clear roadmap.”

The checklist covers three key areas:
• Data
• Technology
• Business Processes

Insurance companies must be able to identify ensure that their data is reliable, controlled and accurate, that financial reporting practices are being introduced to improve internal risk management and finally that the technology is enabling the management to make informed decisions based on trusted and quality data.

To obtain the checklist, please contact Northdoor or email solvencyII@northdoor.co.uk Northdoor is also offering a complimentary Solvency II health check with its experienced consultants.

Rob Stavrou concluded, “Companies need to be able to meet Solvency II requirement through a robust technology model that is seamlessly mapped to the business processes. They also need to mitigate risks and demonstrate the project management discipline and methodology required for the implementation. This checklist will help identify what areas need more work, investment or clarity and where the company is progressing well.”

About Northdoor

Northdoor provides integrated information technology solutions. Its services encompass consultancy, application development, enterprise infrastructure and IT support and managed services. Originally founded in 1989 to serve the London Market, Northdoor has extended its expertise in insurance and banking to wider sectors, such as media, retail and travel, with services now reaching over 200 businesses. Northdoor has a collaborative and high-touch customer care approach in delivering tailored solutions that help clients to achieve their business objectives.