To provide advanced insight and analysis of HSBC risk management data
IBM has signed a contract with HSBC Insurance UK to prepare the company for the upcoming European Solvency II legislation, which aims to strengthen protection for all insurance policyholders.
Under the agreement, IBM will assist HSBC in developing and implementing a business analytics offering powered by its Cognos 8 Business Intelligence, which will provide advanced insight and analysis of the company’s risk management data so that capital can be efficiently allocated to cover business risks.
In addition, IBM will support HSBC in creating a data management and analytics model to ensure compliance with Solvency II requirements and deliver advanced risk management capabilities.
The offering will provide a store for HSBC’s risk and solvency modelling data and will permit HSBC to demonstrate quality, availability and traceability of all key regulatory data and associated reporting.
IBM Global Business Services UK and Ireland insurance business solutions partner John Smith said managing risk is one of the most important missions of a financial institution.
"Working with HSBC, IBM is creating a system that will provide the most stringent safeguards for the insurer, its shareholders and customers," Smith said.