Audit & TRACEABILITY
The regulatory burden facing insurers continues to increase. While Solvency II has been in place since 2016, insurers need to continue with their programmes of compliance as requirements grow.
In order to do this successfully, proper data management needs to be at the heart of these programmes. Insurers will need to be able to collect data from various systems as well as individuals, conduct data checks to establish authenticity, report back on the data gathered and maintain a suitable level of governance.
Solvency II requires that insurers have a great level of understanding and control of their organisational dataflows, in order to report with confidence and maintain an adequate capital ratio.
The Insurance Distribution Directive (IDD) is a new EU wide directive aimed at ensuring minimum harmonisation of insurance distribution regulation across the EU.