Insurers urged to review data licence requirements

Negotiate with vendors now to secure best prices, say experts

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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 v