There is no doubt that Solvency II is making a huge impact on the Insurance Market in terms of demand for specialist resources, system and data improvements and changes to capital requirements but just how well are the preparations for compliance progressing?
Wisereach assisted a leading City corporation on a strategic governance initiative to identify changes required to meet future regulatory compliance. Utilising a structured approach and our in-depth industry knowledge we worked together with the client's own subject matter experts to identify and recommend a number of performance, compliance and knowledge management improvements to meet the requirements with minimal impact to their existing methodology.
The advantage of adopting Acord message standards is the potential to develop STP (straight through processing) with business partners from around the world. STP reduces the amount of manual checking and reconciliation that is required and will eliminate the need for rekeying and the errors that this brings. But is now the time to upgrade? We think it is.
Have you decided to go for an integrated IT solution to meet all of your needs, or are you picking and choosing the best the market can offer for each of your business areas? Both can provide great benefits - but there are many pitfalls to avoid whichever route you go.
Whilst the final requirements are still unknown, it is expected that Solvency II will require a more detailed view of an organisation’s data with previously aggregated information being demanded at a more granular level. New data items not previously captured are likely to be required and the reporting of data is expected to have shorter timescales and increased frequency.