BNY Mellon has launched a new data management solution to meet the European insurance industry’s Solvency II asset data reporting requirements.
The new service, built around Eagle PACE, Eagle Investment System’s data management platform, provides Pillar 3 Quantitative Reporting Templates (QRT) reporting. Under Pillar 3 reporting requirements, insurers must provide regulators with a Solvency and Financial Condition Report (SFCR) and a Regular Supervisory Report (RSR). The reports are designed to ensure transparency.
BNY Mellons Solvency II solution gathers and validates the data from the insurer and the insurer’s partners using industry standard templates. It also enhances the data via BNY Mellon’s own vendor feeds and the insurer’s own management information and consolidates data and reporting as specified in the regulations.
Frank Froud, head of Europe, Middle East & Africa (EMEA) for Asset Servicing at BNY Mellon, said: “To date, the focus for insurance companies has rightly been the calculation of the Solvency Capital Requirement and how this may affect future business. Attention is now turning from Pillars 1 and 2 to Pillar 3, and in particular the contents of the QRTs.”
John Legrand, managing director, Europe, Middle East & Asia-Pacific at Eagle Investment Solutions, said: “Our solution provides insurance companies with a centralized approach to data quality management that goes above and beyond the requirements set out in the Directive. Eagle’s proprietary data-centric technology means we can automate the process and provide clients with complete, accurate, and transparent data to support greater operational effectiveness and stronger risk-based decision making in the context of Pillars 1 & 2.”
(JDC)