The aggregation and analysis of high volumes of risk-related information dominates many insurance activities. Collection and distribution of this information to and from disparate locations and systems requires flexible and compatible tools, familiar to multiple parties. For these reasons spreadsheets are one of the most common tools (aptly demonstrated by the European regulatory data collection via the QIS5 spreadsheet).
However, manipulating and checking spreadsheet information to support regulatory and risk activities such as for the NAIC Model Audit Rule or theSolvency II Use Test is expensive and time consuming. As the pressure for more immediate information increases errors will inevitably multiply.
On their own, user-developed applications have demonstrated the flexibility to support many insurance processes over recent decades. However, they lack the robustness to meet the demands of increasing compliance, such as the NAIC Model Audit Rules in North America or Solvency II in Europe. For companies facing these obligations it is a major challenge to see how they can maintain this critical flexibilty but also demonstrate control.
ClusterSeven brings automated Documentation, transparency, efficiency, control and compliance to all your Excel spreadsheet-based processes and other end user computing applications. Whether you want to take rapid First Steps toward Solvency II compliance, or want to move beyond basic spreadsheet control to full Data Validation, ClusterSeven provides a unique solution.
Our software provides the ideal environment to monitor and analyze the evolution of the business. Pinpoint change analysis ensures that pricing can stay up to date with rapid or late stage client revisions. Value-based alerts and key performance indicators expose the trends in values that may otherwise remain hidden. And data collected from remote or third party locations can be rapidly assimilated. This means accelerated and more accurate client responses.
There are a growing range of published papers by auditors and regulators addressing the importance of spreadsheets to insurance regulation - particularly Solvency II. The following links highlight some of the more relevant articles:
"Ensuring good quality data management is a fundamental requirement to support the continued success of Canopius. The real power of the software is its ability to embed appropriate data- and function-checks as part of our normal business practices. It is difficult to know how this could be done effectively without using this type of technology."Mark Allen, Head of Business Information at Canopius Lloyds Managing Agent