Reporting Processes

Gian Luca De Marchi

Reporting is a key element in insurance companies’ risk management system that, with the Solvency II regime coming into force, is going through a significant evolutionary phase. To comply, insurance companies must completely re-engineer their operational processes, organisation models and IT architecture as a result of the complexity introduced by the new regime. A substantial increase in the volume of information to be disclosed, as well as a higher reporting frequency, has been requested.

The level of complexity in the implementation of the Solvency II reporting framework depends on the dimension of the company, its geographical distribution and its operating model. Group and solo entity risk management functions will face different issues. For group functions, the most complex issues are data collection and the centralisation of all relevant information necessary to prepare grouplevel reports. Risk management functions at the solo entity level, on the other hand, often need to juggle with different reporting streams and rules – for the group by providing the necessary local data and risk management reports, and for their national authorities.

In this context, data management a

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