ABACUS/Solvency II offers insurers across Europe a cost effective way to collect, consolidate, validate and submit SII regulatory reports
Management and technology consultancy BearingPoint today announced the launch of its ABACUS/Solvency II reporting solution.
Solvency II, due to come into effect within the next two years, represents a major challenge for the insurance industry. From early 2014 all insurers operating in the European Union must change their reporting methods and submit a complex set of quarterly and annual reports to the respective EU supervisory authorities in each country (e.g. FSA & IFSRA). Most insurers underestimate the complexity of Solvency II reporting; furthermore existing IT systems are not currently designed to fulfill Solvency II requirements.
Working closely with insurance industry representatives, BearingPoint has developed a pan-European reporting solution for Solvency II that covers the standard and local requirements of regulators. It covers all Quantitative Reporting Templates (QRTs) currently defined by the European Insurance and Occupational Pensions Authority (EIOPA) and will be continuously adapted to reflect subsequent regulatory changes.
Built on the successful, well-established ABACUS/DaVinci technology platform (already used extensively for regulatory reporting in Banking), ABACUS/Solvency II offers insurers a number of key benefits:
-- Economies of scale: lower cost of development and maintenance due to sharing across multiple insurance companies
-- Continuous updating of the report consolidation, validation and submission engine to help comply with the evolving requirements of Supervisors
-- Reduced Solvency II implementation cost by leveraging a defined QRT data architecture
-- Flexibility and ease of use to integrate with the insurers' diverse and complex IT landscapes
-- Highly-responsive support team and knowledgeable consultants Europe-wide.
BearingPoint offers a complete service portfolio including Solvency II transformation support, a professional helpdesk as well as ongoing solution adaptations.
"Our focus extends beyond software design and implementation" says Patrick Maeder, Head of BearingPoint's Insurance Segment. "It includes Solvency II transformation support as well as ongoing solution adaptations that we can make swiftly thanks to our close relations with local regulators and insurance associations. As regulation changes, so will the ABACUS solution, so once it has been implemented a company remains compliant no matter how much the regulation evolves."
Juergen Lux, Head of ABACUS/Solvency II at BearingPoint adds: "ABACUS/Solvency II keeps BearingPoint at the forefront of regulatory reporting in Europe. Our rapidly-growing team has close to 100 people fully dedicated to regulatory reporting, supplemented by a large network of Solvency II consultants Europe-wide."
BearingPoint's ambition is to establish ABACUS/Solvency II as an industry standard, and is developing a user-friendly interface in all major European languages.
BearingPoint delivers business consulting with management and technology capabilities. As an independent firm with European roots and global reach BearingPoint serves leading companies and public sector organisations world-wide to align and optimise processes, IT and operating models with business strategy. Driven by a strong entrepreneurial mindset and desire to create long-term partnerships, BearingPoint's consultants are committed to delivering excellence and value to their clients. The firm's approach to working with clients is highly collaborative and designed to improve business performance, from strategy through to execution. BearingPoint currently employs 3,200 people in 15 countries.
For more information, please visit www.bearingpoint.com.