Solvency II became fully effective in January 2016, following a delay of two years, allowing the industry to meet the challenges the regulation presented. With this extra time, the first delivery should have been a smooth and complete process; however, the reality is that this remains a major data challenge for all parties. The demands on Insurance companies, whether on the standard or internal model, remain and require large volumes of data where the testing of these models is likely to result in more data requests not provided during the first run. The data challenges facing firms can be categorised into three levels:
1. Aware of the regulations/data deliveries and have tested and completed dry runs;
2. Aware of the regulations/data deliveries but not have a tested model;
3. Those that are still not as prepared as they should have been for obtaining the data.
Investment Solutions Consultants (ISC) offer a review process benchmarking...