One of the largest insurers in the Greek marketplace will be using it to establish an integrated platform.
EFG Eurolife has released its most recent insurance news, stating that it will be using SAS Risk Management for its metrics calculations and risk mitigation in order to help it to comply with the requirements for Solvency II.
SAS is currently the analytics software and services leader for business.
It will be assisting EFG Eurolife – one of the biggest carriers in the Greek marketplace – with establishing a platform that will be integrated for business intelligence, including risk management (Pillars I, II, and III), as well as a data warehouse, enterprise governance, risk and compliance, and customer analytics solutions.
The insurer sees the Solvency II European directive as a concept that is much broader than basic regulatory compliance. Instead, it sees the directive as a way to improve the organization’s overall value by implementing and polishing better business processes as well as its operations by way of data management and analysis combined with risk management.
By taking this perspective, the company builds a strong base upon which growth will be possible.
This foundation will encourage this growth through the optimization of the prices of its products, increased flexibility through instant responses to changes in the industry and the market, and lower costs of operation.
EFG Eurolife CEO, Alexander Sarrigeorgiou, explained that “As one of the largest, most profitable and strongest capitalized insurance companies in Greece, EFG Eurolife has chosen SAS as a reliable business solution for compliance with the Solvency II directive. EFG Eurolife will use SAS software to optimize corporate decision making through an integrated risk management environment.”
The Country Manager for Greece and Cyprus at SAS, Nikos Peppas, agreed, saying that his company shares what he calls a “common philosophy” with the insurer, in that they are both seeking to be able to satisfy their customers’ immediate needs.
Peppas went on to discuss this insurance news by saying that they take a great deal of pride in that they have been selected by EFG Eurolife in order to help to overcome the challenges that it – and other insurers – are currently facing, such as integrated risk management and Solvency II.