With the introduction of MIFID 2, several new rules and regulations have been imposed on the insurance market, requiring them to make important changes. New features include KIDs (Key Information Documents), documentation required for all packaged retail and insurance-based investment products (PRIIPs). This documentation summarises key data relating to investments, which must be expressed using easily understandable terminology according to the new regulations.
The banking group division comprises four companies, three of which operate in Italy and one in the Republic of Ireland. The group decided to launch a shared “division” project by summarising the needs of its individual companies, in line with the new regulation requirements.
SCAI Finance was asked with implementing this system, which became operational within the group in 2019. This made it possible to fully automate the KID production and management cycle, which was previously manual, by introducing standard and controlled calculation criteria, while also drastically reducing the manual workload of users.