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.