Solvency II: RegTech Solution for Italian Insurance Companies

One of the largest Italian Property & Casualty and Life Insurance providers needed a data governance and quality system to be compliant with Solvency II. Data compliance for Solvency involves a wide spectrum of different business functions and therefore the need of a coordination & control center for all relative activities, in order to guarantee an effective and efficient governance system that meets the timelines dictated by regulation authorities.

To improve the situation, they needed a flexible and structured data governance and quality system, which could, virtually remove the need for manual input, manage a control repository and attain the required reporting of results for the related regulatory authorities.

Step forward Irion!

The Solution – Irion

Irion was just what our client was looking for.

The solution provides a process of data acquisition and control that is executed automatically, in extremely rapid times and covers the companies’ entire range of Property & Casualty and Life Insurance line of businesses. The solution is made up of three macro components: an Integrated Infrastructure, a Data Quality System and a Data Governance system, which automatically applies the data quality controls required by the Solvency II Directive. It then produces reporting results according to KQIs to allow users to monitor data quality over time.

The Benefits

Since Irion was put into place for our client, manual activity has been practically eliminated from the process, meaning that staff can now devote time to more pressing activities. This has streamlined compliance processes for the client considerably.

The Irion solution provides a very powerful data governance system that assigns people roles and responsibilities for better data management, gives users a data dictionary to centralize all relative information and maps risk according to how your data quality affects the insurance business.

Irion also worked to simplify all compliance operations for the client by providing the ability clearly understand and track which data does not respect Solvency II requirements. Furthermore, Irion immediately assigns managers with a resolution plan for these anomalies.

Finally, thanks to Irion’s excellent documentation and reporting functions, the entire process is now correctly and completely documented for Regulation Authorities according to the strict deadlines.