With the aim of assisting insurance companies to comply with the requirements which, in relation to data quality, from the new Solvency II regulatory framework, DEYDE Data Quality, the technological multinational dedicated to Data Quality projects, has MyDataQ, the leading Data Quality solution on the insurance market.
Insurance companies in Spain face an important period of change after the entry into force of Solvency II on 1 January, the European directive aimed at regulating insurance and reassurance activities, as well as their execution.
In short, Solvency II aims to adapt the capital requirements to the risk profile of each insurer so that this may answerable before its customers under certain parameters of financial responsibility, coherence and transparency. In addition, the directive integrates other aspects relating to the control of the quality of the data, a process that had never previously been subject to such a rigorous audit. From such a perspective, and now more than ever, it is necessary to ensure that the data are exact, complete and appropriate, especially within the new IMAP (Internal Model Application Process).
In relation to this new Regulatory Framework, Luis Martínez, Managing Director at DEYDE Data Quality, explains: “Beyond the quantitative and supervisory requirements, the true challenge represented by Solvency II for the national insurance sector resides in the change in mentality that it requires. Insurers must now be governed by the parameters of quality, in which the processing of data plays a critical role. In this regard, the Data Quality processes will help these companies better understand their customers, their environment and, ultimately, become more efficient”.
Data Quality Systems: information as the tip of a lance
DEYDE has the tools necessary to help insurance companies define a data quality policy that covers all the processes and decisions necessary to comply with the measures detailed in Solvency II, and to also, in general terms, ensure the good health of the data and an optimum exploitation thereof.
Using its MyDataQ solution, it has specialised in applying Data Quality processes in order to improve the information regarding the identification and location of customers. Through the use of Data Quality systems focused on the improvement of the information available on customers: names, correspondence addresses, telephone numbers and email addresses, etc.; the insurance companies can obtain a more precise representation of these individuals.
Similarly, and with the purpose of reaching a Single Customer View, the systems for locating duplicates have proven their effectiveness when locating current or potential customers registered more than once on the different sources of information. Thanks to these systems, the cost factor associated to time and resources decreases noticeably, so too does the making of incorrect decisions.
The development of the Geographic Information Systems (GIS) has opened a whole new range of possibilities for insurance entities. The geographic representation of customers, potentials, mediators, agents, workshops, company offices, offices of the competition, claims and a long et cetera, permit the performance of a multitude of analyses which provide the company with the critical information in order to take decisions.
“Through the use of MyDataQ, DEYDE has established itself as a great ally in transforming data into useful business knowledge. Automating these cleaning tasks and freeing up time and resources to be able to take maximum advantage of the information contained within these databases has never been so easy”, concludes Luis Martínez.
With more than 15 years of accumulated experience, DEYDE has become a point of reference for the Spanish insurance sector in relation to Data Quality; its solutions process more than 50% of the data of the entire sector.
DEYDE works with more than 20 insurance companies, six of which are in the top 10 of the sector, according to the ranking published by the Insurance Entities Association ICEA (Investigation Association of Insurers and Pension Funds).