Solvency II imposes extensive reporting demands on insurance companies both in the speed and frequency with which they are required to generate reports and the information they must provide. Insurers are facing difficult choices about what to do in the face of uncertainty surrounding the directive and how far to automate the reporting process, as well as practical challenges such as how to collate the data required for reporting and how to staff and organise themselves for the new regime.
How insurers are facing the reporting challenge of Solvency II
The positive news, however, is that – in the long run – the new environment will make regulatory maintenance easier and provide managers with better information to assist them in decision-making for the business.
Main topics in this document:
- Data management & governance
- The role of technology
- Organizational impacts
- Benefits of broad planning & early implementation