Commercial insurance specialists Ecclesiastical Insurance Group has recently chosen DataFlux as its technology partner to implement their data management programme, the data management solution provider recently announced.
The new initiative will both improve operational efficiency for the business insurance provider while also aid in its need to comply with the data requirements of the Solvency II Directive, stated DataFlux.
The company’s Data Management Platform, once deployed, will aid in data integrity control efforts for Ecclesiastical. Additionally it will provide the professional indemnity insurance provider with the ability to govern its data in a comprehensive manner. Ecclesiastical will be able to establish processes for reporting and monitoring its business data quality over time after the data management solution is implemented. This will allow the insurer to provide businesses and regulators with metric-based reports that are both auditable and intuitive.
As Ecclesiastical was selected for the pre-application process of the Solvency II IMAP by the Financial Services Authority, the firm has been keen to demonstrate that its business data is highly accurate. Ecclesiastical will employ DataFlux technology in order to aid in the validation of cross-group information within capital adequacy models provided delineated by Solvency II. The project will allow the insurer to use its internal data models to conduct risk assessments by proving to the FSA that its data processes are robust.
Ecclesiastical’s newly appointed data quality manager Godfrey Morgan remarked that the business insurance industry is undergoing fundamental changes in regards to how it reports on and manages risk. Undertaking the pre-application process for Solvency II in order to implement their own capital requirement calculation internal models, Ecclesiastical needs to ensure that its data management processes are of the highest standards, he added.