What’s Next After Solvency II Reporting?

 

If you're involved at any level in Solvency II reporting, you know how much effort and attention is given to capturing detail and ensuring data consistency across the organization. And while Tagetik’s Solvency II PPS does an excellent job of producing Solvency II reports and checking the accuracy and data lineage at all levels of the reporting process, many organizations want to take further advantage of the vast volume of data collected. The question frequently asked is, “How do I turn this reporting data into actionable information for the business?”

 

That's exactly where the new Tagetik Solvency II QlikSense Dashboard comes into play. Going beyond simple slicing and dicing analytics, the dashboard combines financial intelligence and cutting-edge data investigation engineered to meet the unique needs of insurers. The advanced visualizations provide clients with an instant overview of key indicators and trends, so they can better decisions quickly and reduce risks.

 

Use Tagetik Analytics to take advantage of reporting data

 

 

Ease of Use, with No Compromises


Given the highly crowded and competitive BI market, it’s no wonder many clients find it difficult to sort through the key differentiators and advantages of various BI tools – especially, when based on a feature/functionality check list, they all appear to be so similar. As one client told us, “All of the dashboards tend to look alike. What we need to know is what else should we be looking for?”

Our answer to this question focuses on two elements:

  • Ease of use
    Because more and more end users are becoming involved in analytics, it’s important to have a solution that is easy to use for the occasional user. As Gartner points out, ease of use directly correlates to business value when it comes to BI tools.
  • Data accuracy and consistency
    The most sophisticated analytics have no value if they are based on inconsistent, inaccurate, or out-of-date information. Since much analysis is performed on an ad hoc basis, any BI tool should always have access to the latest information.

 

 


A Solution Built from Business for Business

 

The challenge for us in creating the Tagetik Solvency II QlikSense Dashboard was to create a business ready solution that could immediately bring value to our clients. We didn’t want to create just another reporting tool to put on the top of the stack. Nor did we want to create a tool that supplied only static, pre-packaged data views. We know many of our clients want and need the ability to ask questions and perform analyses that may be unique to their businesses.

 

To help us in the development process, we engaged two reliable, highly knowledgeable partners:

  • Generali Assicurazioni: Generali is a market leader in the insurance space and a long-time Tagetik client. CFO Massimo Romano and his team have been a great sponsor of this project since its beginning. Their business-centric view and expertise have definitely shaped a solution that can deliver value to any level of the organization. 
  • The National Association of Insurance Companies (ANIA): ANIA has more than 170 associated companies representing approximately 90% of the insurance market in terms of premiums. ANIA uses Tagetik to offer the Solvency II – Pillar III as-a-service for its associated companies. The ANIA experts we worked with brought to the project insights from ANIA’s actuarial competency center, which delivers statistics, KPIs, and best-practice guidance to the insurance market on a regular basis.

 

The result of the collaboration is a comprehensive set of dashboards that can quickly analyze the status of your business and extract the most valuable information. Representative dashboards include: Solvency Ratios, Own Funds, Market Value Balance Sheet, Assets, Technical Provisions and Cover. Additionally, since Tagetik’s QlikSense Dashboard brings in all Pillar III data with an open DNA, it allows users to create their own visualisations and interactively explore data in order to mine as much value as possible from the data.

 

We look forward to hearing from those clients who have adopted this solution. As always, we are eager to share best practices and incorporate feedback into future releases. We see this solution not as the end of a journey, but a beginning.

 

For those who are exploring BI options we suggest to go through the on demand webinar below:

 

Use Tagetik Analytics to take advantage of reporting data

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