Achmea, the largest insurance company in the Netherlands, is up and running with a Solvency II compliance solution that combines cloud-based enterprise data management from Eagle Investment Systems with data stewardship and administration services from its parent BNY Mellon.
The company has been a BNY Mellon client since 2008, with BNY Mellon acting as its global custodian and providing investment accounting, fund administration and outsourcing services. When faced with the prospect of Solvency II compliance, Achmea went to market to find a solution that would centralise its investment management data and streamline operations to create efficiencies in support of Solvency II and Internal Financial Reporting Standards regulatory reporting.
Eagle was selected and has worked with Achmea through a phased implementation of its Access cloud-based data management solution that went live recently. The implementation met tight deadlines by using out-of-the-box standard data integration feeds from Eagle’s Data Integration Services.
Otto Veldt, director of asset management at Achmea, says: “We are pleased with Eagle’s outsourced data management solution that addresses our multiple, complex needs around asset data management. We are also pleased with the cooperation between Eagle and BNY Mellon during the implementation.”
The Eagle data management solution will be used for all aspects of Solvency II from meeting data quality requirements to fulfilling the ‘look through’ element of the regulation that requires insurers to gather data from asset managers that invest on their behalf. BNY Mellon, as Achmea’s fund administrator, will be the source of most of the data required by the Solvency II solution.
Looking beyond Solvency II, Corinne Weeda, director of reporting at Achmea, says: “This is an important step toward establishing highly efficient, multi-dimensional integrated reporting.” John Boggis, head of sales, EMEA and Asia Pacific, at Eagle, adds: “If both insurers and asset managers centralise the data they need for Solvency II, they will be 70% to 80% ready for the next regulation.”