Long term business benefits and profitability can be achieved by enhancing capabilities, such as: data integration, data quality, geocoding and spatial analysis. These capabilities can help insurance organisations to meet the demands of compliance as well as delivering additional value across the enterprise.
How to Achieve Compliance Excellence:
Poor data quality can impact your ability to conduct an accurate "Risk and Solvency Assessment". It can delay model updating, provide punitive default values, fail to calculate and require manual intervention. Good data management will allow you to profile, validate, standardise, merge, enhance, spatially analyse, integrate and monitor. All without having to replace existing back-office applications.
Your customer communications for the sale and administration of general insurance need to be monitored and audited. Compliance requires that all physical and digital communications are archived and available for retrieval by the regulators. You need to be able to access these documents quickly and efficiently.
By increasing your locational accuracy, you can improve your catastrophe modelling, producing more precise results and risk estimations. The improved insight and risk reporting help you to address the Solvency II regulatory requirements.