"Going live" with Solvency II notifications
Insurers in 21 European countries successfully submit Solvency II "Day 1" reports and first quarterly reports. This is made possible by BearingPoint's Abacus solution.
Management and technology consultancy BearingPoint has announced a "go-live" of clients from across Europe, including Zurich Insurance Group, Swiss Re, Länsförsäkringar and Médics. These are insurance companies from 21 European countries using BearingPoint's proven ABACUS/Solvency II platform.
Through so-called "Day 1" notifications, local supervisors can thus access quarterly reports more directly. Among others, the Irish Central Bank, the PRA in the UK, BaFin in Germany, the CAA in Luxembourg, the FI in Sweden, IVASS in Italy, ACPR/Banque de France and the FMA in Austria work with "Day 1" reports.
Important milestone
Dr. Maciej Piechocki, Partner at BearingPoint, comments: "The successful go-live is an important milestone for us. The number of different European regulators and central banks we provide with high quality Solvency II XBRL production data is remarkable and underlines that ABACUS/Solvency II is a state-of-the-art reporting platform for the insurance sector."
Solvency II Reporting
ABACUS/Solvency II covers the entire workflow - from data import, validation and approval processes to the creation of quantitative and qualitative reports in XBRL format. The solution is based on BearingPoint's Abacus platform, which is used by companies across Europe to meet their reporting obligations under Basel III, EMIR and other directives.
BearingPoint's pan-European reporting solution offers numerous benefits for insurance companies: Flexible data consolidation across complex IT landscapes, regulatory and management compliant reporting capabilities including XBRL, multi-language capabilities, as well as a pan-European network of Solvency II consultants. In addition, regulatory changes are implemented centrally in ABACUS/Solvency II. This allows insurers to avoid constant in-house adjustments and tests.
This feature appeals not only to large, internationally active insurance companies, but also to small and medium-sized insurance companies throughout Europe, which would otherwise have to bear the costs and risks of their own reporting solution.
BearingPoint's clients include small, medium and large international insurance companies with over 200 reporting units in 21 European countries. Since the product launch in 2011, the consultancy has been a pioneer in Solvency II reporting. In 2015, BearingPoint was awarded the Insurance Risk Award for "Best Regulatory Reporting Software" for ABACUS/Solvency II. In 2016, BearingPoint successfully launched ABACUS/4U, a "plug and play" solution that can replace EIOPA's "Tool for Undertakings" (T4U), which will soon be withdrawn from the market.
You can find further information under this Link
