Northern Trust will provide specialist custody and asset administration services to help insurance clients prepare for Solvency II.
"Solvency II is the biggest regulatory challenge facing the insurance industry in Europe today," said Andrew Melville, head of insurance product for Europe, Middle East and Africa at Northern Trust.
"By delivering a single data source for accounting, valuation and asset characteristics, Northern Trust is uniquely positioned to provide insurers with consistent asset data, reducing the need for reconciling multiple data sources."
One of the key features of the platform is that it provides insurers with a single data source for accounting, valuation and asset characteristics. This is important for Solvency II as it reduces the need for reconciling multiple data sources, said a statement from the company.
"As our focus now shifts towards our Qualitative Reporting Template, Northern Trust, through their single data source and leveraging existing asset characteristic data, continues to innovate their reporting and governance solutions to support us," said Christian Parelius from Sparebank Skadesforsikring, a non-life insurance company based in Norway and a client of Northern Trust’s.
