With Solvency II rapidly approaching and the expected January 2013 deadline looming large the insurance market is faced with a massive challenge. Many of the changes imposed by Solvency II will require a completely new approach to the way business is conducted with new systems required to ensure compliance.
Data and information quality is at the heart of the problem for many insurers with existing systems being outdated or simply not up to the task. Here are just some of the challenges faced:
- Will your company adopt the Standard Model or Internal Model approach? The Internal model is likely to be preferable to most insurers as it will require a lower Solvency Capital Requirement but will have to be approved by the Regulator and will be subject to some tough tests
- Do you know what information and data is required and where it is held?
- Are you satisfied with the accuracy and integrity of the data?
- Can you easily access the data?
- Who is responsible for operating and maintaining the data now and in future?
At VIPR we've developed solutions to help you overcome these problems and demonstrate the accuracy, integrity and accessibility of your data.
VIPR Intrali has been designed to solve a problem that's been troubling the insurance market for many years - how to standardise Bordereaux information so that it can be properly validated, checked and interrogated without a long, labour intensive and costly manual process which is also potentially prone to error and inaccurate.
Find Out More
Use the form below to contact us and find out more about how VIPR can help your business.
You can also contact us by phone on 0208 313 6740