About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Ecclesiastical Insurance Group Selects DataFlux for Solvency II Data Management Implementation

Subscribe to our newsletter

DataFlux, a provider of data management solutions, today announced that Ecclesiastical Insurance Group, a commercial insurance specialist, has selected DataFlux technology to support the implementation of its  data management  programme. This initiative will help enable compliance with the Solvency II Directive data requirements and improve operational efficiency.

The DataFlux Data Management Platform will be deployed to help control the integrity of data and will provide Ecclesiastical with the means to comprehensively govern its data. The implementation will enable Ecclesiastical to establish a process for monitoring and reporting on the quality of its business data over time, allowing the company to provide the business and regulators with intuitive, auditable metric-based reports.

As an insurer selected for the UK Financial Services Authority (FSA) Solvency II IMAP pre-application process, Ecclesiastical is keen to demonstrate the high accuracy of its business data. The insurer will use DataFlux technology to help validate the information from across the group within its Solvency II capital adequacy models. By proving robust data processes to the FSA, the project will allow the group to conduct risk assessments according to its internal data models, as agreed with the FSA.

Godfrey Morgan, newly appointed data quality manager at Ecclesiastical commented: “Our industry is fundamentally changing the way it manages and reports on risk. As we are undertaking the FSA Solvency II IMAP pre-application process to implement our own internal models for capital requirement calculations, we need to ensure our data management processes are of the highest standards and the data feeding our risk models is of the highest quality.”

He continued: “We’ve been moving early to comply with the Solvency II mandate that data must be ‘complete, accurate and appropriate’. In the next 24 months, all UK insurers will need to undertake a similar review of their data management practices – so it’s a significant challenge for our industry.”

Colin Rickard, EMEA managing director at DataFlux added: “As we have worked alongside insurance companies over the last few years, we have seen their need for robust, auditable and tailored data management solutions for Solvency II. European insurers are looking to prove the validity of data used by their internal capital adequacy models and demonstrate they are processing claims in the best interest of policy holders. DataFlux helps them to do just that, while accessing other benefits offered by high quality data such as operational efficiency and improved decision making.”

Ecclesiastical’s data management project isn’t solely focused on the FSA’s mandate for capital adequacy. As part of its ongoing business intelligence programme, the ability to profile, monitor and report on core data sets across the group allows Ecclesiastical to improve its data, quickly make more informed decisions and better meet customers’ needs.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Sponsored by FundGuard: NAV Resilience Under DORA, A Year of Lessons Learned

The EU’s Digital Operational Resilience Act (DORA) came into force a year ago, and is reshaping how asset managers, asset owners and fund service providers think about operational risk. While DORA’s focus is squarely on ICT resilience and third-party dependencies, its implications extend deep into core operational processes that are critical to market integrity, investor...

BLOG

TRG Screen Launches AI Assist to Advance Reference Data Cost Management

Market data spend and usage management software provider TRG Screen has launched an artificial intelligence-powered capability to help financial institutions better manage spiralling data costs. The conversational AI interface sits on top of TRG Screen’s established Xmon platform, allowing users to interact with their own programme data using natural language. Instead of digging through technical reports, users can ask the system direct questions about cost optimisation opportunities and...

EVENT

AI in Capital Markets Summit London

Now in its 3rd year, the AI in Capital Markets Summit returns with a focus on the practicalities of onboarding AI enterprise wide for business value creation. Whilst AI offers huge potential to revolutionise capital markets operations many are struggling to move beyond pilot phase to generate substantial value from AI.

GUIDE

Regulatory Data Handbook 2019/2020 – Seventh Edition

Welcome to A-Team Group’s best read handbook, the Regulatory Data Handbook, which is now in its seventh edition and continues to grow in terms of the number of regulations covered, the detail of each regulation and the impact that all the rules and regulations will have on data and data management at your institution. This...