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Solvency II How Insurers, Asset Managers and Asset Servicers are Meeting the Data Challenge

The EU’s Solvency II regulation is due to come into effect in January 2016. Aimed at ensuring the insurance industry fully understands the risks associated with its investments, the regulation places great emphasis on access to highly granular valuations and risk information.

For most insurers, this is the first time they have been required to report the potential exposures of their investments. Compliance with the regulation requires insurers to review their data governance, sourcing and management processes. As a result, many have already instituted significant changes to their approach.

But many practitioners have struggled to source the information needed. As a result, they are turning to the asset managers who manage their investments – and in turn the asset servicers that service the managers – to source the information.

In this paper, a group of insurers, asset managers and asset servicers discuss their approaches to data capture for Pillars I, II, and III of Solvency II; their understanding and clarity around the regulation; practicalities of data sourcing; and ongoing operational issues.