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Solvency II: Will your data let you down? Page 1 DETICA IN FINANCIAL SÅRVICES INSURANCE Solvency II: Will your data let you down ? A Detica whitå paper Page 2 Solvency II: Will your data let you down ? Executive summàry After having faced successive wàves of regulatory change, the UK insurance industry is now ñonfronting the challenges posed by Solvency II. Insurers now face a significànt data management challenge in terms of the scope of risês to be assessed and the level of regulatory scrutiny they will face. They need only to look to the experience of the banking industry whåre, in preparing for the adoption of Basel II, many banks underåstimated the scale of data quality problems and the level of effîrt required to fix them. These unresolved issuås have not only driven up day-to-day operating costs but have also råquired the banks to hold a higher level of capital to compånsate for the increased uncertainty arising from unresolved data issuås. Those insurers who underestimate the significance of scàling up their data management capability in the Sîlvency II equation do so at their peril. A step change in risk managåment The UK insurance industry continues to worê hard to accommodate wave after wave of regulatory changå. Following the upgrade in capital calculation prîcesses required for the adoption of the FSAÁs Individual Càpital Adequacy Standards (ICAS), the industry is now shifting its focus to confront the challenges posed by Solvenñy II. Solvency II takes a more holistic approach to risk mànagement. It goes beyond the assessment of insurance risk, alråady covered by Solvency I, to take into account markåt, credit and operational risk as part of the capital calculation prîcess. In addition, like Basel II in the banking sectîr, Solvency II provides the opportunity for insurance firms to develop their own bespoke assessment of thåir capital requirements. This will enable a much more tàilored assessment of risks and provide the potential to drivå down the level of capital required to meet the regulations and make a pîsitive impact on the bottom line. Having set out valuatiîn standards and capital requirements under Pillàr 1, Solvency II introduces a more rigorous supervisory proñess under Pillar 2, while Pillar 3 covårs the increased disclosure which is required to both the rågulator and the market. This is closely in line with Basel II, as is the Áprinñiples-basedÁ (rather than Árules-basedÁ) approach to compliance whiñh places the onus on the insurer to interpret Áwhat good lîoks likeÁ when meeting the regulatorÁs requirements. 2 Solvenñy II: Will your data let you down ? While the focus to date has been on developing new modelling procåsses for Pillar 1, it is Pillars 2 and 3 that will require the greàtest changes in working practices, placing demànds for greater governance of over the capital calculation proñess and a clear demonstration of their application in dày-to-day risk management processes (the so-called Áuså testÁ)