Gregory Maciag: Solvency II and the Need for Data Standards

Tuesday, 08 March 2011

Solvency II and the Need for Data Standards

We remain close to the Solvency II evolution and our interest is the impact of data collection and sharing.

Howard Mills, the former New York Insurance Superintendent from 2005-2006 said that Solvency II would have "a very significant impact" in the area of technology as the new regulatory framework will require new technical architectures to analyze risk.

He says, "Years of mergers and acquisitions among insurers have left the industry relying on a patchwork of information technology systems stitched across databases. But systems often don't always talk to one another." Read more...

Posted on Tuesday, 08 March 2011 in Standards | Permalink

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New Book

My latest book presents the challenges members face when adopting industry standards as well as the opportunities that come as a result. It features my discussions with many people over many years and follows the foundation I set in my first book "The Business Information Revolution".

Industry standards are never adopted in a vacuum. They become part and parcel of all the trials and tribulations managers face in their day to day work. ACORD Standards are always part of a larger software development project that brings along people, priorities and politics. Adopting industry standards isn't simple, but the benefits far outweigh the problems of building and maintaining proprietary alternatives.

I trust that you will appreciate my frankness, identify with some of the challenges and learn from what others have done to pave the way.