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For the largest insurers, that old ways of managing and reporting risk data are simply just impractical under the new framework. They must update their risk engines and data warehouse in reaction to the new challenges and demands. Risk engines, data warehouses, scenario generators and actuarial models are the primary technological components for Solvency II compliance. This is particularly so for insurance firms which may have adopted an interior capital model. But how do risk engines work? Well, they aggregate data from many sources, compute risk exposure and capital adequacy, and generate reports for management decision making and regulatory compliance. In many respects, risk engines are simply data processors. This means their effectiveness is heavily dependent on how well the infrastructure and systems that feed them function. In particular, input data quality, consistency and integrity are crucial in guaranteeing the accuracy of output from risk engines. It is not just Solvency II which will place higher expectations on risk engine technology and require better quality and formalized data warehouse and data management processes. Emerging best practice may the truth is end up being the key driver of such changes. Insurance companies that are more forward looking go ahead to further improve and formalize their systems when preparing for Solvency II compliance ahead of when the deadline. Getting the right data warehouse and risk engine Suitability – When shopping for an off-the-shelf data warehouse and/or risk engine solution for purposes of Solvency II, you will need to always remember that virtually every data warehouse is most beneficial primed for any specific industry. Put differently, a data warehouse that could perform exceptionally well for a manufacturing company might not exactly necessarily are well for any bank. Similarly, your data warehouse that an insurer eventually buys to facilitate Solvency II compliance must be one that is in active use and possesses been highly rated with the insurance industry.
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