Cadis, the global EDM specialist, today announced its Solvency II risk platform. The platform will provide insurers with the confidence of complete data governance lineage and the level of transparency, visibility and data quality being demanded by tough regulator scrutiny.
Daniel Simpson, CEO of Cadis said: “The capital adequacy requirement of Solvency II is the headline pillar – however the quality and provenance of data used to derive those calculations is a core focus for regulatory scrutiny. The Governance and Reporting pillars make the Group Board accountable for all decisions to invest in different business lines. This means transparency and visibility at the subsidiary level is central to any compliant capital adequacy calculations. With that comes less stress at the insurance group level.”
The flexibility to add further data points to capital adequacy calculations for Pillar I will also be possible using Cadis’ Solvency II platform. With the majority of insurers using their own internal capital adequacy models, this will prove essential as regulators review and fine tune each company’s proposed calculations for Pillar I compliance.
“The types and depth of data and reporting capability and frequency are at the heart of Solvency II, which is much more than a box ticking exercise. Using the Cadis Platform’s Solvency II capabilities, firms will be able to provide both detailed and correct data at the aggregated level while also being able to produce reports as and when needed,” said Simpson.