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Interactive Data Corporation, a provider of global pricing and reference data, has launched a new service intended to support cross-asset data management and reporting requirements under the European Union’s Solvency II Directive, covering capital adequacy in the insurance sector.
The new Solvency II service uses the firm’s extensive pricing and reference data, including independent and evaluated pricing for thinly traded instruments. It should help to streamline data management, says the vendor, and enhance transparency by providing insurers and the asset managers that work on their behalf with more granular information about their investments and on the entities issuing the assets.
The breadth of data available should enable firms to efficiently calculate the market and default risk measurements demanded under the Solvency II Pillar 1 Minimum Capital Requirements (MCR) and Solvency Capital Requirements (SCR) stipulations. It also provides the additional asset data required for the Quantitative Reporting Templates (QRTs) under Pillar 3.
The new service includes the Complementary Identification Code (CIC), an asset level classification schema explicitly required for Solvency II. This is in addition to NACE, SIC and NAICS classifications to provide consistency across global entities and asset classes, and which are mapped to over four million individual assets.
According to Nicolas Michellod, a senior analyst at Celent, “addressing Solvency II remains one of the most important preoccupations of European insurers. They need to not only evaluate how they can leverage existing IT infrastructures, but also to find the right balance between their internal IT applications and specific technology offerings from expert providers to meet qualitative and quantitative reporting requirements. This is particularly true when examining the data management requirements that are extremely complex due to the sheer quantity and quality of data that is required to identify, manage and monitor the various risk categories.”
Commenting on the launch Brendan Beith, managing director of pricing and reference data for Europe, Middle-East and Africa (EMEA) at Interactive Data, said that: “Data volumes and complexity will increase due to changes in investment profiles triggered by Solvency II asset risk weightings. Aggregating that detailed asset information from multiple sources could prove to be a difficult and time consuming task. We have taken a broad approach to the data challenge that this new regulation presents, leveraging our experience and expertise to deliver an in-depth service that will support compliance with Solvency II.”
By Neil Ainger
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