Statutory reporting, Solvency II compliant reporting, Management reporting
”With Tagetik’s solution in place, TVM is proud to be the first European insurance company with an integrated and standardized statutory and Solvency II-compliant reporting processes. ”
Emile Kaal - Finance director
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Netherlands-based TVM, which specializes in transport-related insurance, was facing a significant challenge in its reporting environment. The company’s multiple source systems, including many spreadsheets, were making it difficult for the Finance function to control reporting and existing processes and systems did not comply with upcoming Solvency II regulations.
The company’s reporting environment consisted of linked Excel documents, requiring many manual entries, which created long closing periods and a poor audit trail. In addition, its Solvency II reports were manually generated—with no Extract/Transform/ Load (ETL) capabilities. With Solvency II regulations approaching fast , TVM needed to quickly build a uniform, efficient and compliant reporting environment.
When TVM partnered with Tagetik, it had the answer to its reporting environment challenge. The company discovered a superior alternative to tedious spreadsheet-based processes with full traceability and compliance with Solvency II regulations. As part of the Tagetik solution, TVM gained an easy-to-implement “Solvency II Pre-built application.”
Using pre-built data models, reports and entry forms, the Solvency II application fully addresses Solvency II Pillar 3. Led by an experienced project manager from Hulsker Finance & Business Consultancy with deep finance and Solvency II expertise, Tagetik’s approach involved three stages:
- Statutory reporting – collecting statutory data from multiple sources, managing data dependencies, consolidation and reporting, then installing the Solvency II Pre-packaged Application;
- Solvency II Solo reporting – mapping General Ledger data to balance sheets, ensuring consistency between statutory and Solvency II data, and planning and implementing solo QRTs;
- Solvency II Group and management reporting – aligning Solo and Group reporting data, balance sheet and other QRTs, and reconciling the two reporting methods.
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