Insurers face a major challenge in improving the quality of their data in readiness for the new Solvency II regime.
This is the opinion of Glenn Lottering, senior director, insurance at Oracle.
Lottering says that for insurers to be able to produce accurate, compliant reports they need to be able to rely on the quality of data they are using.
“It doesn’t matter how many model engines an insurance company has, if the data isn’t right, no elements can be accurately delivered,” he says.
“It’s a bit like building a house on faulty foundations, you’ll always have to go back and fix the problem. The same applies with Solvency II; having accurate data will be the most challenging problem, but if this is addressed and resolved, then insurers will be successful.”