Terra Insurance Deploys SAS Risk Management for Insurance

In order to meet Solvency II requirements, Terra Insurance, one of the product companies in the Terra Group offering both damage and life insurance, recently announced that it has deployed SAS (News - Alert) Risk Management for Insurance. The officials from Terra Group said the company will be able to manage risks and reduce organizational strain.

“The results of the risk calculations and aggregations give us a better foundation and qualitative support for strategic decisions,” said Hans Olav Høiby, risk manager at Terra Insurance.  “The regulations are the same for all insurance companies, regardless of size. Being relatively small compared to our international competitors, it is key for us to use to the Solvency II regulations to improve our internal processes. We can use insight from the required project to develop additional business opportunities, such as tailoring new products.”

SAS Risk Management for Insurance is a solution for performing risk analysis and risk-based capital calculation for insurers. The solution enables life and P&C insurance companies to implement the Solvency II standard model approach for calculating risk-based capital. It is built on a robust data management and reporting platform that includes an insurance-specific data model for complex risk analytics. SAS' risk analysis framework provides a flexible and extendible software application that meets the evolving needs of insurance companies, with separate components for analysis of all risk types – Market, P&C Underwriting, Life Underwriting and Firmwide. Insurers can perform complex calculations to anticipate risks and initiate control measures to maintain solvency ratios to meet regulatory specifications.

“When choosing SAS, we stressed the need for a vendor that could deliver more than a mere technical solution,” said Høiby. “SAS’ advanced knowledge helps us develop an overall picture of our challenges – which is important for a small company like Terra.”

“This contract with Terra strengthens SAS’ position as a leader in the insurance software market,” said Kåre Nygård, CEO of SAS Norway. “We have more than 35 years of experience within the insurance sector and more than 1,200 insurance clients worldwide. Providing improved information management and vital business data is crucial at all levels in the insurance business for operational efficiency and strategic management.”


Edited by Blaise McNamee