IUA links modernisation with Solvency II
The chief executive of the International Underwriting Association is predicting that two of the London Market’s biggest challenges for 2010 – modernisation and Solvency II – will be closely linked and interdependent.
Dave Matcham explains that up to 40% of Solvency II implementation costs are related to technology, modelling software, data warehousing and consideration of data quality.
For example, one of the market’s key 2010 modernisation projects is the wider implementation of ACORD data standards, which enables validated data to be submitted and reused without rekeying.
The initiative therefore complements the need for high quality data to be available for analysis of risk and capital modelling for Solvency II.
The chief executive concludes: “I believe that many companies are now seeing the direct connection between data standards and internal capital modelling … directing resources to ACORD standards could well be a good investment decision for the future.”
Category: Insurance News
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