The Solvency II directive for insurance and reinsurance companies in the EU comes into force December 31, 2012. To comply, companies must either use a one-size-fits-all approach or build an internal model. The latter is likely to be more efficient, but ensuring accuracy is a major concern. This white paper focuses on the importance of data quality required to support an internal model. It also addresses how data quality and governance initiatives adopted to support Solvency II can be extended in order to provide additional business benefits.