Improving transparency in the insurance sector

Context & Objectives

The data policies and quality procedures of the prudential reporting at a Belgian insurer were a maze. It was hard to determine whether the company met all the mandatory requirements set out by a directive of the Belgian National Bank (NB_2017_27). For if the company’s auditor were to find any lack of compliance, the consequences could lead to the withdrawal of authorization to exercise its activities.

Therefore, it called upon Agilytic to reshape the data structure and flows into transparent channels, through which the reporting ran smoothly, and meeting requirements on data quality, data governance, and process control.

Approach

Reshaping a system requires reshaping its perception among those involved in it. So, we started by enhancing the company’s understanding of the directive, illustrating the structure, impact, and importance of the final channels.

We mapped the existing policies and procedures by interviewing all stakeholders in the reporting chain, leading up to a shared comprehension of the data structure “as is” and the transformation it should undergo.

We designed a 3-step action plan

  1. First, we mapped the data processes that chronologically outline the paths ideally followed by each type of reporting to satisfy the highest quality standards, considering its supporting IT-system.

  2. We also validated a RACI-matrix to clarify the roles and responsibilities of each path’s stakeholders.

  3. By documenting the data inputs and outputs, their sources, frequency, and purpose, the gatekeepers’ control was reinforced, adding a third and final layer of transparency to the reporting.

Finally, high-level data quality guidelines were published to provide everyone involved with an overview of the channel’s optimal functioning and its objectives.

Results

By documenting and reshaping the prudential reporting procedures, we created transparent work channels with long term benefits:

  • a significant increase in control over key reporting processes;

  • a considerable reduction in the risk of non-compliance with the directive;

  • one happy auditor 😇