Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory software, announced the success of Solvency II “Go-Live” for its clients across Europe. For many undertakings, the deadline for preparatory phase data submissions according to Solvency II was June 3, 2015. Thanks to ABACUS/Solvency II, BearingPoint’s reporting solution, clients successfully generated and submitted the required reports to local supervisors in various European countries. Reports were submitted to the Central Bank of Ireland, PRA in the UK, BaFin in Germany, IVASS in Italy, ACPR/Bank de France, and FMA in Austria.
'The Go-Live with the first Solvency II reports through ABACUS/Solvency II went smoothly. It proved to be a stable and reliable platform. We are very satisfied with the results', declared Monty Cachej, Senior Projekt Manager at Zurich Insurance Group.
'The Abacus SII solution provides structure and consistency to the QRT reporting packages of the legal entities in the Group, and contributes to the delivery of high quality data to the various local regulators in Europe', added Milena Grigorova, Leader Solvency II QRT Reporting at Zurich Insurance Group.
'We are proud of the positive feedback from our clients. The number of various European supervisory authorities and central banks we deliver productive and high quality Solvency II XBRL data to is unprecedented. The start of the productive reporting phase is an important milestone for us and demonstrates that our software platform ABACUS/Solvency II is state of the art in reporting for the insurance industry', said Dr. Maciej Piechocki, Partner at BearingPoint.
BearingPoint clients include small, mid-size and large international insurance companies, comprising over 200 reporting entities in 21 European countries. Since the product launch in 2011, BearingPoint takes a leading role in Solvency II reporting.
BearingPoint’s pan-European reporting solution offers a number of additional benefits to insurers: flexible data consolidation across complex IT landscapes, statutory and management reporting functions including XBRL, multi-language capability, as well as a Europe-wide network of Solvency II consultants. Furthermore, revisions due to regulatory changes are implemented centrally within ABACUS, helping insurers avoid the need for continuous adaptations and testing in-house. This feature is appealing not only to global players such as Zurich, but also to small and mid-size insurers across Europe who otherwise face the cost and risks of trying to “go it alone.”
About ABACUS/Solvency II
ABACUS/Solvency II facilitates an audit-proof, end-to-end Solvency II compliant reporting workflow from data import, to validation, sign-off process and transfer of Quantitative and Qualitative Reports in XBRL format. The product is based on BearingPoint‘s proven ABACUS platform which is widely used by companies across Europe to meet their reporting requirements under Basel III, EMIR and other directives. BearingPoint works closely with insurers and regulators as part of its continuous development of ABACUS, helping it stay at the forefront in reporting system technology and expertise.
For more information about ABACUS/Solvency II, please visit: www.abacus-solution-suite.com.
