Interim Measures: We Won the First Challenge Together!

Last month the first official deadline of Solvency II challenged European insurances: they reported the data of December 2014 according to the Interim Measures.

Through the Tagetik SII Prepackaged Solution more than sixty customers, including some of the most important players of the European insurance sector, were able to respect this first EIOPA’s deadline.

 

One of the biggest challenge  faced was to bring into our solution their data coming from all sorts of different internal specific sources and also permit their integrations with the Prepackaged Solution in the easiest and fastest way possible. Tagetik provided customers the possibility to choose between a full integration of Tagetik on all the Pillars required or to have custom calculation engines linked to our solution, which was our point of strength that made us more elastic and flexible.

Group reports were submitted in different currencies, in some cases in different languages and even different formats (standard XBRL, XBRL in OneGate format, XML,  Access, etc.).  All this in respect of the EIOPA’s guidelines and countries specific requirements.


The data submission of more than 200 insurances was accepted successfully by the different EU authorities like IVASS in Italy, PRA in the UK, BaFin in Germany, Bank of Ireland, ACPR/Bank de France and all the others.

Furthermore the Tagetik SII Prepackaged provided a native integrated solution for the data disclosure: with the CDM modules we produced the RSR/FCSR documents to be sent to the authorities and to the market including quantitative and qualitative information

After the Interim Measures reporting we will all move towards the next challenge: the Full Measures which will come into force in January 2016!


Tagetik for Solvency II

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