Insurance Industry Solutions

Optimize Business Performance through Enterprise Risk Management (ERM) Software

Insurance Companies around the Globe Face Risk Management Challenges

While the past few years have delivered a generally benign market environment to insurers around the globe, the imperative for superior, focused risk management has never been greater. Global competition, escalating claims, investment losses, and enormous regulatory pressures are all challenging insurers to compete efficiently and effectively to manage uncertainty and protect shareholder value.

Enterprise Risk Management (ERM) Solutions Show Connections between Risks

From the regulators to the ratings agencies, the pressure is on to deliver a comprehensive, enterprise wide approach to manage risk. To meet these challenges, insurers are beginning to develop, deploy and mature enterprise risk management programs that connect the dots between and among operational (Solvency II), technology, strategic and regulatory risks.

Managers Need Greater Visibility into Operational Risks

Beyond the external pressures, however, are clear mandates from the highest company officials. Visibility into the management of risk in relation to appetite statements and defined tolerances has been difficult to produce, due to the lack of coordinated risk management efforts. Executive management and board members want a deeper understanding of how risk is being managed in their businesses and, in particular, how to manage risk to create the greatest reward for their shareholders.

Insurers Use OpenPages for Disciplined Risk and Compliance Strategies

OpenPages has helped leading insurers worldwide to leverage risk management strategies to improve their business performance. The OpenPages Platform enables insurers to execute disciplined risk and compliance programs to manage unexpected outcomes and to reduce the impact of realized risks when they do occur.

Reduce Risk, Balance Risk and Returns with OpenPages

OpenPages solutions provide enhanced visibility into the risk landscape, enabling business managers to make smarter decisions that maximize value, reduce costs and balance risk and returns. OpenPages allows organizations to achieve their strategic goals for both existing business processes and new initiatives, while avoiding hazards and shocks along the way.

Enterprise Risk Management (ERM) Solutions that Work for Insurance Industry

OpenPages works with insurers across the globe enabling them to eliminate risk and compliance silos, manage risk across the business, sustain compliance across multiple regulations, and embed these activities into their core business practices. OpenPages can help you:

• Meet new and evolving regulations including Solvency II, NAIC, GLBA, AML and SOX
• Automate compliance and supervision to help oversee business processes and employee activities, and review business processes against organizational policies and regulatory guidelines
• Proactively manage all aspects of operational risk, including risk and control self assessments, scenario analyses, loss events and key risk indicators
• Allocate capital efficiently using a risk-based understanding of profitability and performance of their operations

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For questions or for more information on OpenPages' enterprise risk management solutions, please click here or call us at 781.693.5999.