The service aims to reduce the need for insurance companies or asset managers to source data from multiple providers, and to commingle that data to support insurers' efficiency on pillar 3 reporting obligations.
"Asset classification, with global entity linkage, gives institutional clients a streamlined view of their investments which could result in a reduced cost of capital," said Interactive Data's managing director of pricing and reference data for EMEA Claudio Salinardi.
"Working with Morningstar, we were able to combine our global cross-asset data coverage with Morningstar's funds holding data to enable a fully-integrated service."
Mark Roomans, chief executive officer of Morningstar UK added: "Forward-looking insurance companies understand the complexity of timely acquisition of high-quality data from hundreds of asset managers. What Morningstar and Interactive Data can offer together allows firms to take advantage of a unified solution that can reduce their costs and enhance their data governance."