Remain Compliant
Manage historical data and its retention in line with FCA and GDPR Compliance.
Store all your legacy data unchanged so you have no worries about not meeting regulatory requirements.
The FCA demands a clear auditable trail from insurance firms. Depending on the line of business, records might need to be kept for 7 years and up to 25 years or more. If there is a need to access the data, there is often a tight timetable of 72 hours to produce information. An audit may require you demonstrate immutable records of all dealings including what has been stored, how it is stored and how accessible that data must be.
For GDPR you also need to guarantee stringent privacy, data protection and apply data retention rules. On top of this the MiFID II EU directive also requires call recordings to be now kept.
Data integrity is maintained within the IDS Insurance Data Archiver in read-only format, and this provides a compliant and affordable pathway for consolidating data and documentation from multiple systems. Telephone data can also be stored alongside, allowing even conversations to be searched for by client name or policy number. Clients can also be mastered from multiple systems giving a single client view. And configurable data retention controls with the IDS Archiver ensure nothing is kept for longer than is necessary.