About a-team Marketing Services

A-Team Insight Blogs

DataFlux Gains Solvency II Momentum with New European Insurance Customers

Subscribe to our newsletter

DataFlux, a leading provider of data management solutions, today announced that nine European insurance firms have selected its technology over the past few quarters to underpin their Solvency II data management initiatives.

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 such as:

  • Creation of a ‘data dictionary’ to define terms and data sources
  • Assessments of data quality to identify problems
  • Creation of business rules to correct inconsistent data
  • Monitoring and reporting on the quality of data over time

One of the customers who selected DataFlux is Ecclesiastical Insurance Group. 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. This includes monitoring and reporting on the quality of business data over time, allowing the company to provide the business and regulators with intuitive, auditable metric-based reports.

Colin Rickard, EMEA managing director at DataFlux 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.”

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. Many firms are finding the data elements of compliance challenging as highlighted by the recent FSA IMAP Thematic Review. The DataFlux Data Management Platform provides insurers with a foundation to control business processes, improve data governance procedures and comply with regulatory reporting.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: How to maximise the use of data standards and identifiers beyond compliance and in the interests of the business

Date: 18 July 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Data standards and identifiers have become common currency in regulatory compliance, bringing with them improved transparency, efficiency and data quality in reporting. They also contribute to automation. But their value does not end here, with data standards and identifiers...

BLOG

ESG Data Keeps on Evolving, but are Financial Institutions Keeping Pace?

By Yann Bloch, head of product and pre-sales Americas at NeoXam. Earlier this month, Bloomberg published their much-anticipated annual European ESG Data Trends Survey report, carrying with it some fascinating findings on the current state of the market. The survey, taken by respondents from London, Stockholm, Geneva, Amsterdam, Frankfurt, Paris, and Milan throughout 2023, posed questions about...

EVENT

AI in Capital Markets Summit London

The AI in Capital Markets Summit will explore current and emerging trends in AI, the potential of Generative AI and LLMs and how AI can be applied for efficiencies and business value across a number of use cases, in the front and back office of financial institutions. The agenda will explore the risks and challenges of adopting AI and the foundational technologies and data management capabilities that underpin successful deployment.

GUIDE

Directory of MiFID II Electronic Trading Venues 2018

The inaugural edition of A-Team Group’s Directory of MiFID II Electronic Trading Venues 2018 offers a guide to the European landscape resulting from new market structure introduced by the January 3, 2018 implementation of Markets in Financial Instruments Directive II (MiFID II). The directory provides detailed profiles of more than 70 venue operators and their...