Nine European insurance firms have selected data management offerings provider DataFlux’s technology over the past few quarters to support their Solvency II data management initiatives.
DataFlux said that the DataFlux Solvency II data governance framework is being used by firms to take practical steps to adhere to a wide range of Solvency II requirements including: creation of a ‘data dictionary’; assessments of data quality; creation of business rules; and monitoring and reporting on the quality of data over time.
Solvency II regulation, which comes into effect on 01 January 2013, mandates that European insurance firms provide accurate and transparent reports on assets and liabilities as well as the processes used to measure capital adequacy.
EMEA managing director at DataFlux Colin Rickard said Solvency II regulatory checks are imminent, and yet we can see from the findings of the FSA’s Internal Model Thematic Review that firms still have a long way to go.
"The industry must move beyond the simple presentation of numbers to regulators. Firms must be able to demonstrate how they arrive at those figures, show sound internal processes and have the ability to measure the accuracy, completeness and appropriateness of underlying data," Rickard added.
The DataFlux Data Management Platform provides insurers with a foundation to control business processes, improve data governance procedures and comply with regulatory reporting.
Ecclesiastical Insurance Group is one of the customers who selected DataFlux.
At Ecclesiastical, a specialist insurer of charities, education, care and faith sectors, heritage buildings and fine art founded in 1887, the DataFlux Data Management Platform helps control data integrity to support Solvency II compliance efforts, said the company.
