There are increasing demands on data quality, especially in the proxy channel. This is the reason that ANVA cooperates with data partners that are recognized by the industry, in order to offer reliable data. In addition, at the beginning of this month we signed the letter of intent of the Association of Insurers and the NVGA to boost data quality within the proxy channel. Below is the press release.
The Association of Insurers and the Dutch Association of Authorized Insurance Companies (NVGA) have signed a letter of intent to boost data quality within the proxy channel. Software suppliers ANVA, CCS, Market Scan and Unit4/Dias, which work for proxy companies, have also signed the letter of intent.
Proxy insurers must account for the proxy channel within the framework of Solvency II in their DNB reports. In addition, adequate reinsurance also requires good data quality. "Meanwhile, this channel has a premium volume of some 3.5 billion euros in the non-life market," says Richard Weurding, general manager of the Insurers' Association. "With such a significant share, data quality must also be in order. Customers, regulators and other partners should also expect that from us. I am therefore pleased with this joint declaration of intent."
The NVGA is also pleased with the signing. "This shows that risk management is at the top of the agenda," said Ron Gardenier, chairman of the NVGA. "This project will cover the entire market. In the proxy market and also in the direct and provincial channel, good data quality is essential. That is why it is important to have a uniform approach where all offices set up data in the same way. We can only achieve this if insurers, proxy companies and software vendors work together."
The first step of the project plan was developed in cooperation with the Standardization Institute for the Insurance Industry (SIVI). Further implementation will be supervised by IT consultant Cognizant, together with SIVI and representatives of insurers, underwriters and software companies. The ambition is to complete the improvement project within two years.
