KPMG develops Solvency II data aggregation service
As the new capital adequacy regime makes its impact on the insurance sector, companies will be able to benchmark themselves against their peers.
As the new capital adequacy regime makes its impact on the insurance sector, companies will be able to benchmark themselves against their peers.
A Solvency II data aggregation service that enables insurers to benchmark themselves against other insurers for the first time has been launched by KPMG. The new service, Solvency II Vantage Analytics, will aggregate Solvency II reporting data in the eXtensible Business Reporting Language (XBRL) format, so that insurers who fall under the regulation can get meaningful insights about where they sit in the market. KPMG will produce reports for insurers wanting to see details like how their investment portfolio or liabilities compare to those of other insurers.
Solvency II Vantage Analytics is dependent on insurers submitting their XBRL reports, the first of which will be filed later this month. Reports will not reveal company names or country-specific information. Insurers will be able to see how they compare to the market and not specific companies. The service is secure to ISO 27001 standard and client data is kept confidential.