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The impact of cross-border claims on Solvency II compliance
The delay in introducing Solvency II was born of necessity. Take, for instance, the hundreds of thousands of claims under the Green Card regulations and the EU Motor Insurance Directive. If you have not appointed a single service provider for your cross-border claims management, these claims are handled by a multitude of foreign claims handlers all reporting in their own way. This raises the question: is your network of claims representatives ready to help you comply with Solvency II?

In countries where you have appointed Van Ameyde, the answer to that question is ‘yes’. We have monitored the developments in the Solvency II framework right from the start, to ensure full compliance. This is of the utmost importance, as all three pillars impact claims handling and reporting.

Pillar 1, quantitative requirements
The required solvency capital and technical provisions mean that insurance providers must have profound insight in their outstanding liabilities. You must be able to fully rely on the correctness of claim reserves set by your claims handlers.

Pillar 2, qualitative requirements
As insurance providers must have proper risk management policies and controls in place, so must their claims handlers.

Pillar 3, reporting requirements
Reporting to the financial services authorities and the public is subject to extensive and strict requirements. Combined with tight deadlines, gathering the relevant data from a multitude of service providers will prove a huge burden. In all likelihood the information received will require extensive data cleansing.

The solution to the Solvency II and claims conundrum
The integrated claims management and financial systems secure the accuracy of our reporting and claim reserves. Our IT system being workflow driven, claims handlers never deviate from the implemented claim processes. The processes and controls are audited annually under the ISAE 3402 standards. And finally, we will provide you with customised Solvency-II-specific reporting: a single click provides you with all the relevant data in the correct format.

Having solved the claims handling issues related to all three Solvency pillars, we gladly invite you to appoint Van Ameyde as your international claims handlers. If you would like us to assist you with the official nomination process or have any questions concerning Solvency II implementation in relation to claims handling, please do not hesitate to contact us!

 
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