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Major UK Insurance Company

Solvency II Preparation

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Solvency II Preparation

Client description
Major UK Insurance Company


The Client’s requirements
•To support their Solvency II project, the client embarked on a programme of rationalisation of their UK regulated entities
•The aim was to transfer, via Part VII, the business out of multiple legacy entities, into specific ongoing entities
•A process to validate and control the data prior to and during the transfer

 

Our solution
•Review multiple data sources relating to all business types with open claims
•Identify inconsistencies and gaps within the data sources
•Trace the data from the source to the reported position, in order to identify inconsistencies and provide a validated dataset. Key tasks included:
•Analysed processes and systems to determine where data changes occurred
•Interview key knowledge holders to gather information
•Analyse the historical company information i.e. types of business written and where and when
•Review pools, branches, delegated underwriting, company accounts and policy/claim information

 

Services/Value delivered
•Implemented a process to validate and identify future data inconsistencies and areas for concern
•Dataset provided to feed directly into financial models – integrity of all data retained throughout
•Recommended a process to manage change to the models and the data sources, thus reducing the impact through the data flow
•Enabled the client to understand exactly what was in each entity to be transferred

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