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Daily Insurance Industry News
Monday 19th of February 2018
November 26, 2010

Detica sheds light on Solvency II data management

by Gill Montia

Story link: Detica sheds light on Solvency II data management

Detica is urging Lloyd’s managing agents not to underestimate the data management challenges that accompany Solvency II.

The firm is also warning that achieving Solvency II compliance will be a major undertaking for the Lloyd’s market, with estimated implementation costs of around £150 million.

According to the information specialist, the Solvency II guidance provided by Consultation Paper CP56 and the Committee of European Insurance and Occupational Pensions Supervisors is focused on risk management, while guidance on data management is arguably “sparse and poorly structured”.

Detica executive financial services, Mark Warburton, explains: “To a large extent it is up to managing agents themselves to interpret the data management compliance requirements and develop an approach they believe satisfies them.”

He adds: “However, managing agents are experts in risk management rather than data management … some firms, therefore, may be in danger of underestimating the scale of the data management challenge involved.”

According to Mr Warburton, others may be panicked into implementing data management systems that far exceed the core Solvency II requirements.

 

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