Insurers urged to review data licence requirements
Firms need to engage with data providers well in advance of Solvency II implementation to ensure compliance by January 1, 2016
Insurers must start to negotiate with data vendors now if they want to keep the costs of data licensing for Solvency II under control, say experts.
Undertakings require a large amount of data on their assets in order to populate the Quantitative Reporting Templates (QRTs) for Solvency II, Pillar III. The variety of data types cannot be catered for under a single licence by most data vendors, meaning costs could spiral unless insurers broker new arrangements.
Data expenses could rise further if
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