A Global Insurer Achieves Solvency II Compliance Through Centralized Data
30+
BUSINESS NEED
A centralized financial data system for better financial visibility and compliance
A global insurer had to centralize its financial data across various European subsidiaries in order to meet the Solvency II regulatory reporting requirements. They realized a centralized data warehouse (CDW) would help unify all its financial data, ensure full compliance with regulatory reporting mandates and provide better financial oversight.
THE CHALLENGE
Scattered data across 30+ global subsidiaries
Their existing decentralized model, where every operating unit managed its financials independently, came in the way of creating a centralized data reporting system. Early attempts to get individual operating units to populate the CDW were unsuccessful due to a lack of capacity to feed data into a CDW.
THE SOLUTION
Building the first centralized financial data system
We sought to bring all the data together in multiple phases. First, we focused on the European subsidiaries, with the goal of meeting Solvency II compliance. We carried out a detailed examination of each source system in various regions, including Germany, Spain, Norway, Sweden, and the United Kingdom, and developed customized extracts to transform and channel data into a standardized CDW model. It involved analyzing source systems, adjusting data to fit the standard model, and validating the accuracy of the data to ensure precise reporting, while complying with European GDPR requirements.
IMPACT
Better financial visibility and 100% regulatory compliance
The phase I implementation met the Solvency II regulatory reporting requirements. For the first time, a centralized data store containing all financial data from all its European subsidiaries, was in operation. Its success was replicated across all its North American subsidiaries, marking a shift towards a global centralized financial data system.
