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Dongbu Insurance Selects SAS to Develop Enterprise Risk Management System

May 24, 2011

Dongbu Insurance has selected SAS (News - Alert) for Enterprise Risk Management to build a firm-wide risk management system to help address regulatory concerns such as Solvency II.

The Korean insurance company said that it wanted to strengthen its risk management capabilities by securing risk data and systematic management. Dae-Hee Hwang, director of risk management and implementation project leader at Dongbu Insurance, said that the globalization of the financial markets as well as the development of financial methods have emphasized global risk regulatory measures such as risk-based capital (RBC), Solvency II, stress testing and public risk disclosure requirements.

To respond quickly to these measures, it is necessary to strengthen risk data and internal risk management capabilities, Hwang said, noting that with this project, Dongbu Insurance will be able to achieve better investment results by optimizing its future investment strategy.

“Also, they will obtain better risk-based evaluations and more business opportunities by utilizing the consolidated risk management system,” Hwang said.

With SAS for Enterprise Risk Management, insurers can perform risk analysis to calculate economic and regulatory capital. In addition to comprehensive data management capabilities, the framework includes assets and liabilities functionality, loss reserving techniques and aggregation of risk capital charges across the enterprise.

For Dongbu Insurance, SAS for Enterprise Risk Management offers a comprehensive solution that handles risk management in its entirety – from managing and converting insurance specific data to generating and analyzing individual risk to standard and ad hoc reporting, according to Eun-Chul Kim, team director of Risk Intelligence at SAS Korea.

“Based on this solution, this project will help support the company to implement the analytical infrastructure to analyze data and then create and manage models as needed,” Kim said.

SAS is a provider of business analytics software and services, and is one of the largest independent vendors in the business intelligence market.

Recently, Honda (News - Alert) R&D Europe selected SAS and its partner Value Lab to help analyze customer preferences in the European market. This intelligence is expected to be used to help design innovative new motorcycles that meet the needs of the market while still complying with the safety, quality and reliability.

 

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Anshu Shrivastava is a contributing editor for TMCnet. To read more of Anshu’s articles, please visit her columnist page.

Edited by Carrie Schmelkin

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