The client
A large UK Life company looking to improve its valuation processes and meet reporting deadlines.
The challenge
- Missing quarterly Solvency II deadlines due to manual steps in the valuation process.
- Reporting mechanisms unwieldy and no centralised source to assess data quality.
- Urgent need to be ready for forthcoming regulatory and reporting changes.
What MBE did
- Implemented a data repository for managing model points, assumptions, manual adjustments and results.
- Developed approval functionality to provide a full audit history of the data.
- Mapped end-to-end data flow to improve visibility, identify complexities and future- proof the system.
- Changed the team structure to reduce the bottlenecks and hand-off points.
The results
- Greater automation of key controls in the valuation process resulting in increased team capacity at all levels.
- Increased accessibility of data and more visibility of controls.
- Reduced operational risk as data can be traced and audited.
- Less need for data maintenance.
- Greater scope for scaling up the valuation process.
- Increased focus on key operational issues.
