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00:06 I'm Jon Dowey, I'm a partner in Risk and Compliance Technology within KPMG.
00:10 For me, systems and data are absolutely central, critical to achieving Solvency II compliance. Systems and data underpin all three pillars within the Solvency II framework, and top to bottom across the organisation it's critical for day-to-day operations. So getting the systems and data question right in Solvency II is absolutely vital.
00:37 Under Solvency II what I expect to see is actuarial functions, finance teams and the IT organisation really working together in harmony to define the data requirements, but also to work out what are the systems and tools that the organisation needs to comply and report under Solvency II.
01:00 The crucial question is: how will it all work together? Clearly, in today's technology-enabled world it has to be automated, there has to be slick process behind it, and it has to be “plumbed together” if you like, in a way that makes perfect sense for the organisation. So firms really need to work out how to best design their systems and processes to produce the solvency reporting and outputs that are needed to comply.
01.27 Most organisations are simply focusing on achieving the compliance hurdle. There are actually much, much broader benefits outside of compliance that can be achieved through Solvency II and for me, the systems and data component of that is very, very central. I would expect to see benefits around greater access to data than is currently available within organisations, ability to drive out costs within actuarial functions through smarter, slicker, more efficient processes, and enabling very highly paid actuaries to really focus on analysis and decision-making, rather than number-crunching.
