BNY Mellon, an investment management and investment services firm, has launched a new Solvency II asset data reporting & governance solution to meet the European insurance industry’s Solvency II asset data reporting requirements.
The new service, built around Eagle PACE, Eagle Investment System’s data management platform, provides Pillar 3 Quantitative Reporting Templates (QRT) reporting.
It also supports insurance companies as they negotiate the data governance and data quality hurdles imposed by the new regulations, according to BNY Mellon.
The service meets key client needs around Solvency II asset data requirements in respect of: gathering and validating the data from the insurer and the insurer’s partners using industry standard templates; data enhancement via BNY Mellon’s own vendor feeds and the insurer’s own management information; data consolidation and reporting as specified in the regulations.
Eagle Investment Solutions managing director of Europe, Middle East & Asia-Pacific John Legrand said the solution provides insurance companies with a centralised approach to data quality management that goes above and beyond the requirements set out in the Directive.
"Eagle’s proprietary data-centric technology means we can automate the process and provide clients with complete, accurate, and transparent data to support greater operational effectiveness and stronger risk-based decision making in the context of Pillars 1 & 2,"Legrand said.