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On September 2 and 3 the Pit stop sessions took place in Athens. The pit stop team discussed with several big insurance companies the challenges and opportunities of Solvency II. Solvency II is new law for 5000 European insurance companies that they have to comply with latest January 2013. In Greece there are about 15 insurers (for life insurances) active.

Figure 1: Solvency II Pit stop team in Greece. From left to right upper row: Matteo Colombo (CEO SPIRIT Italia), Nick Damianakis (CEO SPIRIT Greece), George Konstantellos (Manager SPIRIT Greece), Yiannis Fertakis (Partner SPIRIT Greece). From left to right lower row: Vassiliki Spentzou (Senior Manager SPIRIT Greece), Sven Roeleven (GRC Expert IDS Scheer), Martin Knook (CEO SecondFloor).

During the sessions it became clear that the Enterprise Risk Management (ERM) solution of ARIS covers Pillar II quite complete and in a sustainable way. In the pit stops as an example Solvency II article 102 (positioned in Pillar I) was used, to work out specific requirements in detail in a process and supporting software of SecondFloor. This gave attendees better insight in the concept of achieving compliancy and the available solutions and products. Furthermore SecondFloor developed during the pit stop a very ‘sexy’ Monitoring Dashboard in ARIS MashZone, meeting the requirements of the Greek  Insurance companies. See below some tabs of the new Mashup that can be used –everywhere in Europe- to monitor SII status.

Figure 2: SecondFloor mashup  for monitoring international  the data collection process for SII.

Figure 3: SecondFloor mashup  for monitoring Solvency II status by diffirent risk types.

Figure 4: SecondFloor mashup  for monitoring ORSA (Own Risk & Solvency Assessments).

After two busy days the CEO and owner of SPIRIT Greece, Nick Damianakis,said: “pit stops are a great occasion to challenge our insurance contacts about achieving their goals and discuss the ways that we can help them further. One thing is for sure: the insurance market in Greece is on track with the orientation and can be supported now with their next steps in implementing sustainable GRC solutions.” 

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