Asset Managers under increasing pressure to speed up Solvency II reporting
At FundsLibrary’s Solvency II Manager User Group, representing a cross section from some of Europe’s most influential Asset Managers, there was a view that insurance companies are requesting data earlier and earlier and increasing the pressure around Solvency II reporting.
The expected time frame for getting reports out used to be ten business days, but insurers are now pushing for reports to be available by business day five. This will be a big challenge for a number of Asset Managers, particularly those relying on manually intensive processes, as at the same time there is also an increasing emphasis on quality and completeness.
At the session Ernst and Young presented their review of industry solutions and highlighted that the FundsLibrary portal approach, that allows Asset Managers to manage and review their data as well as control distribution to their insurer clients, was a key differentiator. This also provided greater efficiency and ease to deliver reports to clients. The conclusion was that the FundsLibrary service was currently one of the market leaders.
The delegates also identified that the provision of enhanced Solvency II reporting to insurance companies was a good marketing tool to win and retain clients. There was an increasing interest from Asset Managers to provide indicative SCRs. Whilst it is indicative and the insurers still have to do the calculation themselves, Asset Managers are keen to communicate that they will be able to provide the service to both existing and prospective clients.
During the meeting, which was held on 15th March 2018, FundsLibrary’s Head of Regulatory Services, Katie Geleff, shared the development roadmap which will be delivered from the ongoing R&D amounting to some 15,000 man hours per annum. The roadmap for the next six months encompasses building enhanced controls for look-through calculations and data mapping, enhanced data coverage reports and the population of additional Tripartite Template (TPT) fields, and the introduction of indicative SCR calculations.
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All figures correct as at 08.02.2019.