The Spanish insurance sector is facing an important modernization process to assimilate the changes introduced in its regulatory framework by Solvency II, which came into force in January 2016.
These changes introduced by Solvency II refer mainly to the new higher solvency capital requirements and with exceedingly complex calculation formulations; new requirements for information to the Supervisor and public information (such as the report on the financial and solvency of the entity); and new Corporate Governance requirements: professionalization, efficiency, transparency, strategic approaches, risk management and self-assessment and the Solvency (O.R.S.A.).
These requirements, now having been accepted by the insurance companies since their entry into force with Solvency II, their main challenge is to integrate them into their management system so that they are useful for achieving their strategic objectives.
The BDO teams in the Insurance area have in-depth knowledge of the insurance techniques and have wide experience in applying them form having held management positions in entities in the insurance market.
- Corporate or strategic consulting areas: internal audit, design or redefinition of the business project, internal control and risk management, adaptation processes to Solvency II, review of the efficiency of the management of its strategic plans, valuation of portfolios and companies, etc.
- Actuarial advice: Actuarial function, pricing, reserving, reinsurance plans, product creation, O.R.S.A.
- Business areas: management of commercial networks, management of performance, mergers, acquisitions and absorption.