Whether at European or national level, much legislation has been passed in recent years imposing new regulatory burdens on the insurance industry:
The list goes on, with the planned multilateral OECD agreement on the automatic exchange of tax information, the German law on the automatic exchange of information about financial accounts in tax matters and the US Foreign Account Tax Compliance Act, known as FATCA.
Whatever the new rules are called, the bottom line is that insurance companies have to be more transparent, comply with complex new rules and implement expensive regulatory requirements without deriving any competitive benefits from doing so. All this poses great functional and technical challenges for the industry, which is going through a difficult period in any case. Implementing these obligations requires extensive adjustments to IT systems and business processes. Furthermore, some insurers are using outdated IT systems that can only be expanded to include the new functionalities required by law requiring a great amount of time and at great expense. All this puts massive pressure on earnings and so on the efficiency and competitiveness of companies.
Many companies are faced with the question: how can we implement this wave of new regulations on time and with legal certainty, but effectively and cost-consciously at the same time? It is only feasible with high-performance and state-of-the-art IT solutions. The deployment of upgradeable standard software that can be easily integrated is an enormous relief, because this shifts most of the tasks created by implementing new regulatory demands onto the software provider. And here there are significant cost benefits compared with an in-house development. The development, timing and liability risks associated with an internal development also do not apply. So insurance companies finally get the room for manoeuvre they need to concentrate on generating competitive advantages in the market.
As a leading provider of software and advisory services for the European insurance industry, msg life offers a range of standard solutions for life insurance companies and providers of private pension schemes. The upgradeable software products are continuously developed in cooperation with customers. And of course the timely and complete implementation of regulatory requirements has top priority. The solutions from msg life are highly automated and highly efficient. They can be deployed flexibly and can be integrated smoothly into existing IT environments thanks to numerous interfaces. The software solutions have already proved their worth in practice and are in operation at many well-known companies.
IF YOU NEED MORE INFORMATION
let us know.
We are happy to help!
Policy administration systems for life insurers msg.Life Factory
Pension settlement and documentation system msg.Ran
Tax reporting processes msg.Tax Connect
Subsidy management msg.Zulagenverwaltung