In conversation with… Antoine Bourdais, Product Director at Regnology
Solvency II: Aligning reporting practices with the upcoming regulatory changes
More than a decade since its introduction, Solvency II remains a pillar of the European insurance regulatory framework — one that continues to evolve. As reporting requirements grow in scope and complexity, insurers are re-evaluating how they manage data, reporting processes, and compliance infrastructure.
In a recent Regnology webinar, leading industry experts gathered to explore the evolving landscape of Solvency II reporting and the road ahead. The discussion centered on a critical and timely question: Are insurers truly equipped — operationally, technologically, and from a data management standpoint — to meet the demands of forthcoming regulatory changes?
We sat down with Antoine Bourdais, Product Director at Regnology, to unpack the key insights from the session and what they signal for the industry at large.
Where do insurers still face hurdles in adapting to Solvency II changes?
Solvency II is a well-established framework. But the environment and context around it is anything but static, calling for the framework to adapt. Regulatory changes, the transition to DPM 2.10 (Solvency 2 review), the upcoming Insurance Recovery and Resolution Directive (IRRD), and shifts like NACE 2.1 are all reshaping what is expected from firms.
What we see is that many firms are trying to meet new requirements with outdated tools — fragmented systems, siloed data, and still with a lot of Excel-based processes. That creates risk, slows down reporting cycles, and ultimately strains the whole compliance function.
During our recent webinar, we asked regulatory reporting professionals across the insurance sector to identify their biggest obstacles in meeting Solvency II requirements. The results were telling:
Those numbers reinforce what we already suspected: this isn’t just a regulatory challenge—it’s fundamentally a data, operational, cultural and structural challenge.
It’s more than just a regulatory change — is outdated data infrastructure holding insurers back as well?
Exactly. What we’re really seeing is a growing data disconnect. Many insurers don’t have a clear, connected view of their own data. It’s stored in incompatible formats, spread across systems, and often dependent on human input for extraction and validation. That creates friction at every stage of the reporting cycle.
In this context, we learned from our client Swedbank Försäkring’s approach: no system can solve data issues that haven’t first been acknowledged.
This isn’t just a compliance issue—it’s a business efficiency challenge. When insurers lack control over their data landscape, they lose the speed and precision regulators now demand. That gap creates real exposure to regulatory and operational risk.
Antoine Bourdais
Product Director
Regnology
Where should insurers start to put a modern, resilient compliance strategy into practice?
It begins with building a strong data foundation. Without clean, well-governed data, even the most advanced tools fall short. Leading insurers are taking a structured approach: mapping data flows, identifying gaps, assigning ownership, and embedding automation into the core of their compliance architecture. Only then can automation deliver real value.
Building on that, Conny Zander, Information Manager at Swedbank Försäkring, offers a compelling example of how strategic choices
can drive real impact. To stay focused on data quality and their core business, the team made a decision to adopt a specialized external system—choosing efficiency and expertise over building in-house. This kind of partnership approach, combining internal stewardship with external expertise, is what we see delivering the strongest results. As he put it during our webinar:
Acquiring a special aid system was the right decision for us. Building it internally would have been significantly more challenging due to resource constraints and the continuous need to adapt to regulatory changes.
Conny Zander
Information Manager
Swedbank Försäkring
In the webinar, Conny Zander shared how his team is adapting to regulatory change—enabling a future-ready, scalable reporting process.
What regulatory changes are on the horizon, and what do they mean for insurers’ data infrastructure?
Regulatory transformation is continuous. From taxonomy updates to new supervisory frameworks, insurers are navigating a steady stream of change that demands agility, precision, and scalability.
Take the upcoming shift to NACE 2.1 classifications by the end of 2025. This isn’t just a technical update, it introduces structural changes that affect templates and require dual mapping during the transition. While EIOPA will allow dual submissions for a limited time, firms need to begin testing now. Those working with vendors who have already integrated NACE 2.1 will be better positioned to adapt quickly.
Beyond that, the Bank of England’s new Insurance Liquidity Framework introduces monthly T+1 cash flow mismatch reports and new sensitivity disclosures.
It’s a direct response to recent market stress events and targets firms with significant derivative or surrender risks, raising the bar for data timeliness and transparency. While it's still unclear whether these requirements will extend to third-country branches, insurers should keep a close eye on developments and be ready to adapt quickly.
Looking further ahead, the Insurance Recovery and Resolution Directive (IRRD) will require insurers to formalize recovery and resolution planning, including identifying critical functions and simulating distress scenarios. First plans are due in early 2027, but the complexity—especially for cross-border firms—means preparation must start now.
Final thoughts—what should insurers do now to lead through regulatory change?
The playbook is clear: Establish robust data foundations. Modernize your infrastructure. Embed automation into your core with modular, adaptable technology that evolves with regulation. However, realizing this vision is a capability-building journey. It requires sustained investment, cross-functional coordination, and often, external expertise – both regulatory and technological.
Success hinges on integrating these capabilities into the organization’s core—treating regulatory reporting not as a checkbox, but as a strategic lens through which to reinforce operational resilience, enhance agility and unlock the new efficiencies across the organization. It’s also a timely opportunity to reassess legacy systems, streamline processes, and build a more future-ready infrastructure.
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