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Solvency II and IFRS: Taking stock of the market response to date - EY - Global

Solvency II and IFRS: are your data and systems up to speed?

Taking stock of the market response
to date

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Given the relatively short time remaining, it is important that insurers take the opportunity now to review their data workstreams and confirm that they are on track to deliver.

In our experience, the maturity of Solvency II data workstreams varies widely from insurer to insurer.

  • Some organizations established strong early momentum as far back as 2009, and have moved steadily from gap analysis, through solution design, to implementation.
  • Other organizations, including some major global institutions, have struggled to make significant progress to date and have begun 2011 by re-planning their data workstreams from the bottom up.

Most insurance companies are somewhere between these two extremes, making headway in certain areas, but struggling in others.

Organizations seeking internal model approval only have a few months remaining before they may be required to demonstrate their compliance with Solvency II data requirements to local regulators.

Solvency II data workstreams

To help organizations take stock of the progress they have made, we have set out our view of the key Solvency II data workstream activities and the main factors that have driven success or failure to date.

Key features
of workstreams

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