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Quality data essential to avoid banking problem repeat

data-management

Insurers must use top quality data when preparing for Solvency II to avoid the problems suffered by banks during their implementation of Basel II, technology firm CSC claimed.

According to Scott Sherman, market development manager at CSC, the inability of the banking industry to tackle data issues meant many institutions were forced to hold more capital than necessary when

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FCA looking to address issues on claims definitions

Andrew Ruddle, the Financial Conduct Authority’s interim head of the department for insurance market analysis and policy, has said the regulator is looking at addressing issues about different claims definitions within insurance.

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