Solvency II Pillar 3 & Data Quality
A common reporting standard for (re)insurance companies
Pillar 3 will ensure a common reporting standard for (re)insurance companies. It comprises the submission of significant amounts of both qualitative and quantitative information on a regular basis – the higher your PRISM rating, the more frequent the reporting required. It is expected that this enhanced disclosure will facilitate analysts, investors and rating agencies to benchmark and compare (re)insurers.
Our EMEA Pillar 3 Market survey, conducted in January 2015, highlights that Pillar 3 is the main focus for 2015. For high and medium-high companies, the focus for 2015 will be on meeting the CBI’s preparatory guidelines. For low and medium-low companies, the focus will be on completing gap analyses and sourcing a reporting solution that is tailored to their particular business needs, risk appetite and budgetary requirements. In our view, the primary challenge for (re)insurers is that of industrialising the reporting process to meet required timelines after each quarter/annual close, which has been exacerbated by the need to develop tactical and strategic solutions in parallel.
How can we help
Our experience and breath of service capability can accelerate the mobilisation of your project and de-risk your project delivery and provide insight and assurance over your chosen pillar 3 solution.