How are asset managers preparing for Solvency II?
Adapting to Solvency II
Solvency II will add to the high level of data requirements that asset managers already face from a myriad of regulations and legislation.
Achievable before 2014
Many anticipate completion of Solvency II's implementation by second quarter 2013. Although acceptable from the insurers' perspective, we would suggest that firms should be aiming for the end of Q1.
We know from experience that large change programs generally take longer than expected. If the company is aiming for Q2 2013, there is potential that completion will drift into Q3.
Our survey examines:
- How asset managers are gearing up for increased data requirements
- How companies are adapting their processes for Solvency II, allocating budget, recruiting staff and setting targets for fees
- How much asset management firms have spent on Solvency II so far
- How the asset management community is responding to the changes in operating costs as a consequence of Solvency II?
- The attitude to Solvency II. Is it really on the board level and are they proactive, or is it more operational and reactive?
- The outlook for Solvency II expenses and its after-effects