Financial Services

Solvency II

With so much of the Solvency II implementation resting on the quality of the data, it’s fitting that the latest PricewaterhouseCoopers research report states that,  “insurance companies should act now to make data a priority and get preparations on track”. 

To date, the CEIOPS Level 2 guidelines for data quality within Solvency II have focused on the data used in the operation of internal models and the calculation of technical provision.  But further proposals are expected to broaden the scope of the data used by incorporating all the key data used in the running of the business into the Own Risk and Solvency Assessment (ORSA).  Data quality management is therefore set to be an ongoing and highly scrutinised process.

CEIOPS, “Given the high importance of data quality standards, CEIOPS advocates gearing interpretation towards a comprehensive scope of data quality requirements.”

Insurers are required by Solvency II to prove the quality of their data to the FSA. The Executive Briefing below gives details of the specific requirements on Data Quality and how best to scorecard the data for reporting purposes.  The solution briefing describes Datactics v4 and a proposed data quality solution for solvency II.