27 January 2015
Hoogeveen, The Netherlands, and Lucca, Italy
Unigarant Verzekeringen Deploys Tagetik for Solvency II Reporting
Specialist in non-life insurance for mobility, recreation and property in the Netherlands meets Solvency II compliance with Tagetik
Tagetik, a visionary leader in global performance management software solutions, today announced that Unigarant Verzekeringen, a full subsidiary of The Royal Dutch Touring Club ANWB, is implementing Tagetik software to meet Solvency II compliance, an EU directive governing EU insurance regulation.
The Tagetik software, which is distributed by iNovasion in The Netherlands, will replace Unigarant’s existing Excel-based reporting solution. Unigarant will be able to report its quarterly financials (both internal and external), including its investment and liquidity data, with Tagetik’s unified performance management platform. The second phase of implementation, planned for 2015, will automate the annual financial report and implement Tagetik’s pre-packaged solution for Solvency II Pillar 1 and Pillar 3.
Solvency II is an EU legislative program to be implemented in all 28 Member States. The legislation requires insurers to use quantitative methods for policy and actuarial simulation, risk projection, and economic capital forecasting, as well as report results across the organization.
“Unigarant conducted an extensive process to select the best software solution for Solvency II. They were looking for a system that could get them running quickly with a pre-packaged solution and for a team of excellent people to work with,” said Marco Van der Kooij, general manager Tagetik, The Netherlands. “Tagetik outperformed the competition, first by leveraging rich, built–in functionality to support the compliance reporting process, and second, by demonstrating a strong commitment to go the extra mile to make this project a great success.”
Will Hoogstad, chief financial officer, Unigarant Verzekeringen said, “Unigarant already achieved several objectives with Tagetik. We can now meet Solvency II reporting deadlines, which was our primary concern. Furthermore, Solvency II requirements, such as full audit trails and data integrity safeguards, are part of the Tagetik solution. We now benefit from the overall acceleration of our internal reporting processes. Hence, it is clear that Tagetik was the right choice to make.”
“Tagetik continues to strengthen its position as a global provider of solutions for financial services and insurance companies,” said Sabrina Rosati, executive vice president and head of professional services, Tagetik. “Tagetik leverages both the software and the industry experience to streamline financial reporting and disclosure processes as part of a complete, fast-to-implement Solvency II pre-packaged solution. With Tagetik, insurance companies can ensure 100 percent compliance with both current and future EIOPA requirements according to the principals of accuracy, completeness, timeliness, consistency and traceability.”For more information on Tagetik’s Solvency II pre-packaged application, .
About Unigarant Verzekeringen Unigarant is a specialist in non-life insurance for mobility, recreation and property. A full subsidiary of The Royal Dutch Touring Club ANWB, Unigarant is at the forefront of developments in the market and its processes. Unigarant sells its insurance policies through ANWB’s direct channels, as well as through insurance brokers, bicycle shops, travel offices and diverse buyers’ cooperatives. Unigarant’s goal is to free consumers from concern and financial risk as they live full lives. To learn more: http://www.unigarant.nl.
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