European-Based Insurers Will Be Able To Address Investment Accounting Data Challenges Ushered in by Solvency II Risk Requirements
Clearwater Analytics, a leading provider of web-based investment accounting and reporting solutions, announced this week that it has added new Complementary Identification Code (CIC) data point functionality. Access to the CIC data will directly benefit UK, European, and Offshore clients, allowing them to easily file the Quantitative Reporting Template (QRT) required under Solvency II and the Lloyd’s market equivalent Quarterly Asset Data (QAD) report.
The CIC is a risk classification schema set forth by the European Insurance and Occupational Pensions Authority (EIOPA) as part of Solvency II’s Pillar 3 reporting requirements. The four-character code is used to distinguish a security’s country of listing and asset class in order to provide a more transparent look into an insurer’s portfolio risk.
With this announcement, Clearwater can now assist European-based insurers that are struggling to comply with the complicated data management requirements of Solvency II reporting. Clearwater’s flexible reporting allows them to automatically classify investment assets at the individual security level, as well as produce EIOPA reports that require the CIC. Clearwater’s proprietary classification functionality performs a complex mapping of numerous data points to ensure that the proper variables are considered when assigning a CIC to a specific security.
“Clearwater is already helping Lloyd’s syndicate clients file timely QAD reports and is laying the foundation for efficient Solvency II reporting by European insurers,” said Georgina Patten, Clearwater’s European and Offshore Reporting Specialist.
“This new software release reflects our dedication to the European insurance marketplace,” said Scott Erickson, Clearwater’s Director of Client Services and Product Management. “We are seeing pronounced growth in the UK, European, and Offshore domiciles because we’re committed to supporting insurers that are struggling to comply with challenging EIOPA and interim Solvency II data management and reporting requirements.”