The Journey Towards an Approved Internal Model

Panos Kouvalis and Yiannis Totos

The use of internal models is a key new element of the Solvency II framework. However, developing and implementing an internal model is by no means a simple task. This chapter takes the reader through the path that Interamerican has travelled since the decision to develop an internal model – from the starting point and basic considerations to building an internal model, via its various components, the model governance and data challenges to the ultimate destination of regulatory approval matters. We will end the chapter by placing our journey in the context of the specific Greek market.


Interamerican was founded in 1969 and has been leading the Greek insurance market since then. Despite holding second place in terms of market share, Interamerican is usually the first driver in the market in terms of reputation and recognition by Greek consumers. It is also the largest privately owned insurance company in Greece.

The company operates in all areas of insurance (life, health, property & casualty (P&C), assistance and health services) and serves over 1,000,000 clients per annum, both private and commercial. The Interamerican Group in total consists of three

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