Insurers are concerned about the level of granularity stipulated in the annual and quarterly quantitative reporting templates
To meet regulatory and business intelligence goals, the analytical data repository must contain several types of information, including the data required to aggregate and publish results around solvency and financial condition reporting (SFCR), regular supervisory reporting (RSR), ORSA and standard quantitative reporting templates
Added Andreas Schoenherr, head of global finance solutions at Zurich Insurance Group: "The biggest technology and data challenges we face are triggered by comprehensive reporting requirements to regulators in the quantitative reporting templates
. Here regulators are asking for detailed information for single products, investments or geographical splits, which we do not need for steering our business and therefore also do not have available in a common groupwide data warehouse."