EFG Eurolife Insurance will use SAS Risk Management for Insurance to manage risks and calculate metrics to help meet Solvency II requirements. SAS, the leader in business analytics software and services, will help EFG Eurolife, one of the largest insurers in the Greek market, establish an integrated platform for business intelligence including a data warehouse, risk management (Pillars I, II, III), customer analytics, and enterprise governance, risk and compliance solutions.
EFG Eurolife views the European directive Solvency II as more than a regulatory compliance project. EFG Eurolife believes Solvency II compliance adds value to the organization by facilitating better business processes and operations through integrated risk management and data management and analysis.
This vision creates a solid foundation for future growth by optimizing product pricing, reducing operational costs, and adding flexibility through instant responses to market and industry changes.
«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,» said Alexander Sarrigeorgiou, CEO of EFG Eurolife Insurance.
«We share a common philosophy with EFG Eurolife to satisfy the immediate needs of our customers,» said Nikos Peppas, SAS Country Manager, Greece and Cyprus. «We are very proud that one of the largest insurance companies in Greece has selected SAS to help with the important issues facing insurers, including Solvency II compliance and integrated risk management. SAS has more than 30 years’ experience and domain expertise with hundreds of deployments worldwide. We are confident we will contribute to the optimization of EFG Eurolife, providing significant benefits for the company itself and its partners and clients.»
Owned by Eurobank EFG Group, EFG Eurolife Insurance counts more than 10 years of successful operations. In 2000 EFG Eurolife launched operations in bancassurance, offering specially designed insurance products through Eurobank branches. In 2011, having expanded its network through partnerships with 700 independent insurance brokers, EFG Eurolife led the Greek insurance market offering products in all sectors of life insurance and general insurance through its two insurance companies, EFG Eurolife Life Insurance and EFG Eurolife General Insurance. In 2012 EFG Eurolife remains faithful to the vision: «to be the insurance company of first choice, carving out a new reality in private insurance with respect to its clients’ needs.»