KPMG today launches a Solvency II data aggregation service that enables insurers to benchmark themselves against other insurers for the first time.
The new service, Solvency II Vantage Analytics, will aggregate Solvency II reporting data in the XBRL format, so that insurers who fall under the regulation can get meaningful insights about where they sit in the market. KPMG will produce reports for insurers wanting to see details like how their investment portfolio or liabilities compare to those of other insurers.
Danny Clark, Partner, Insurance, KPMG said:
“For the first time the insurance industry is generating a huge volume of standardised data under Solvency II, and the untapped potential in that data is enormous. We’ve built a service that enables companies to actually use the data they’re producing.
“The XBRL format for Solvency II reporting means information can be aggregated and dissected to give really useful insights on the state of the market. Not only will we be able to offer a holistic picture, but we will also be able to show individual companies how they compare to others.”
Solvency II Vantage Analytics is dependent on insurers submitting their XBRL reports, the first of which will be filed later this month. Reports will not reveal company names or country-specific information. Insurers will be able to see how they compare to the market and not specific companies. The service is secure to ISO 27001 standard and client data is kept confidential. Find out more about the service here.