Insurance is all about data – it is the key enterprise asset. Insurers must effectively manage policy, premium, and claims data, but differentiate themselves with ever more detailed classifications, demographics, external and benchmark data to exploit new opportunities, cross sell, price, and manage risk. Kalido provides a solid yet agile foundation to allow companies to effectively manage, govern, and deliver high quality reporting and analytics in the context of a changing business.
Using Kalido, insurers of all types – from P&C to Life to Health to Reinsurance – can deliver timely, accurate and complete views of their customers, products and risks across the entire organization.
European insurers of all types and sizes – as well as North American insurers who do business in Europe – have realized that compliance with Solvency II directives will require a substantial effort that will continue into the foreseeable future. The EIOPA Report on the fifth Quantitative Impact Study (QIS5) for Solvency II noted in Section 10.1 Practicability and Preparedness that “other areas that were commented on in almost all cases were improvements to data quality or data management and, sometimes linked to the latter, changes to IT.” Similarly, in a survey of insurance firms subject to Solvency II compliance, the UK Financial Services Authority’s IMAP thematic review of current efforts to comply found that data management appeared to be one area where insurance firms still have comparatively more to do to achieve the likely Solvency II requirements.
These surveys found five key data management topics that insurers needed to better address to be adequately prepared for Solvency II compliance: