Insurers have spent huge sums of money on Solvency II Pillar 1 & 2 requirements, but are yet to fully address the robust internal data needs and reporting for Pillar 3
Solvency II is presenting insurers and their asset managers with data management and transparency challenges. “Insurers will need to work with asset firms who can deliver investment performance and meet data and governance requirements,” writes Gunnel Orndahl, Managing Director, Nordic / Baltic Region, BNY Mellon. Market risk is a key element to Solvency II capital requirements, therefore, high-quality data governance is important, and asset complexity plays a big part in how detailed your data gathering will need to be. BNY Mellon is positioned to help insurers manage, understand and automate data collection so clients can quickly turn data around when asked to by the regulators. Insurance companies can then use information to add value to their firm, and produce better internal reporting and management information.