Management and technology consultancy firm BearingPoint has launched ABACUS – a pan-European reporting solution for Solvency II which they claim will resolve the reporting challenges facing insurers in the UK and Ireland.
ABACUS/Solvency II offers insurance companies across Europe a cost effective way to collect, consolidate, validate and submit SII regulatory reports.
BearingPoint said the reporting tool, which it developed in conjunction with insurance industry professionals, covers all quantitative reporting templates currently defined by the European Insurance and Occupational Pensions Authority.
It will also be continuously adapted to reflect subsequent regulatory changes, the company said.
It will also be continuously adapted to reflect subsequent regulatory changes, the company said.
The Solvency II reporting tool is built on the ABACUS/DaVinci technology platform which is already used extensively for regulatory reporting in Banking.
ABACUS/Solvency II aims to offer insurers a number of benefits such as lower cost of development and maintenance and continuous updating of the report consolidation, validation and submission engage to comply with the evolving requirements of supervisors.
It also aims to reduce the cost of implementing Solvency II by leveraging a defined QRT data architecture.
It also aims to reduce the cost of implementing Solvency II by leveraging a defined QRT data architecture.
"Our focus extends beyond software design and implementation" says Patrick Maeder, head of Bearing Point'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 Bearing Point adds: "ABACUS/Solvency II keeps Bearing Point 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."
Bearing Point's ambition is to establish ABACUS/Solvency II as an industry standard, and is developing a user-friendly interface in all major European languages.
This article was published earlier via http://www.insuranceinsight.eu/insurance-insight/news/2124252/bearing-launches-solvency-ii-reporting-tool. For more information see also: http://www.bearingpoint.com/en-nl/7-4999/abacus-solvency-ii/
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