With only 15 months left until the Solvency II deadline, insurers need to take urgent action to make sure that the data they use is accurate, complete and appropriate – regardless of whether data is sourced internally or externally. Ensuring effective data management is fundamental to complying with Solvency II.
Meeting Solvency II and big data needs will have to form an integral part of insurance companies’ business decisions in the future. However, for now the main challenge is to determine how these requirements fit within the existing enterprise landscape. Though initially a new technology infrastructure will require more work and investment from insurers, in the long term there are advantages over conventional approaches to data management, such as the ability to statistically model events that need sample data size close to the entire data population, store and crunch any volume of data in a cost-effective way, and scale through distributed processing.
Published with the permission of Insurance Day
Mohan Babu has more than 20 years of experience in insurance, IT, and consulting. He has led several consulting engagements for leading insurers globally, in the areas of runoff business strategy, systems consolidation and migrations strategy, digital strategy, operational efficiency improvements, business process outsourcing assessment, and data standards. He can be reached at
Prashant Bhide is focused on the European and APAC regions. He has more than 12 years of information technology experience with Global 500 clients in the insurance industry. He can be reached at
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