Within the scope of Solvency II, Insurers have to communicate financial information to the National Bank of Belgium (NBB).
Since 2017, the NBB published a new circular aimed at drawing attention to the quality of prudential and financial data submitted to the NBB.
It provides a framework to monitor and improve internal reporting processes. Three important notions need to be taken into consideration:
- data quality: adequacy of the data, established in six dimensions: accuracy, reliability, completeness, consistency, plausibility and timeliness
- data process: preparing, verifying and submitting the prudential data should follow a documented internal process
- data governance: identify the role and responsibilities of the decision-making bodies and allocate enough human resources with the necessary level of expertise
Various factors may affect the data quality during the process. Errors can easily appear because data sources originate from multiple IT environments, which are managed by different teams.
Manual intervention is therefore needed to build KPIs (Excel sheets, manual calculation, incorrect hypothesis, etc.); those KPIs become quickly vulnerable to human error.
We help you set up an end-to-end analysis, from operational sources to the reporting tools:
- Process analysis: business and technical
- Exhaustive documentation of all necessary data
- Tracking of the data transformation flow
- Identification of the decision-making individuals
- Implementation of an automatic error detection tool that identifies the value gap for the same KPI inside the different data sources
- A consolidated reporting which automatically controls the KPI calculation at every step to ensure the quality of reporting is meeting requirements and expectations laid down in the Circular.
Example of an error detection screen
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With over 80 successful projects since 2015, Agilytic is at the forefront of applied analytics at the service of your business goals. Get in touch today to see how we can help your insurance business overtake the competition and delight customers.