It will leverage on the power of standarised data
KPMG launched this week a Solvency II data aggregation service that will enable insurers to benchmark themselves against other insurers.
The new service, Solvency II Vantage Analytics, will aggregate Solvency II reporting data in the XBRL format, so that insurers who fall under the regulation can get a “holistic view” of the market, as well as meaningful insights about where they are placed in it.
KPMG insurance partner Danny Clark said: “for the first time the insurance industry is generating a huge volume of standardised data under Solvency II, and the untapped potential in that data is enormous. We’ve built a service that enables companies to actually use the data they’re producing.”