Eagle Investment Systems LLC, a leading provider of financial services technology and a subsidiary of BNY Mellon, today announced a collaboration which will see it provide pricing and reference data from Interactive Data to Eagle's European insurance clients to assist them in addressing the complexities around Solvency II compliance.
Solvency II is a European Union directive designed to ensure insurance companies operating in Europe have enough underlying assets to cover their insurance commitments. Although the directive is not scheduled to come into effect until 2016, insurance companies are already looking to incorporate some of its key features into their processes, due to the complexity associated with implementations such as these.
In consultation with a leading European insurance company, Eagle conducted a detailed analysis of the information that Eagle requires to create the tools that will help Eagle's clients achieve compliance and conducted an extensive tender process. Following this in depth review, Eagle selected Interactive Data to provide the issuer and security data needed for Eagle's depth and breadth of coverage.
As part of the strategic relationship, Eagle has built a standard maintainable interface to automatically accommodate Interactive Data's pricing and reference data and map it into its enterprise data management solution, making the process repeatable for all insurance companies. In addition to enabling insurance firms to measure themselves against the requirements of Solvency II, Eagle's solutions can also be used to generate the Quantitative Reporting Templates (QRTs) required to demonstrate compliance to the regulator.
"Our ability to help insurance companies measure and report in line with Solvency II requirements is a huge development for Eagle and the European insurance market. Taking Interactive Data's comprehensive Solvency II data feed and interfacing that into Eagle's data model means insurance firms are able to quickly and efficiently comply with this directive – something that has been out of reach for many until now," said John Legrand, Eagle's head of EMEA and APAC. "This initiative underscores our commitment to monitoring the regulatory changes affecting our clients and to investing in the development of solutions to help elp them meet these changes and focus on their core business."
Claudio Salinardi, Managing Director, Pricing and Reference Data EMEA at Interactive Data, said: "We are delighted to have expanded our long standing relationship with Eagle Investment Systems. Interactive Data's Solvency II approach helps asset managers and their insurance clients by providing the data required to support the Minimum Capital Requirement and Solvency Capital Requirement calculation process under Pillar 1 requirements as well as the additional data specific to Quantitative Reporting Templates under Pillar 3."