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CCH Tagetik delivered a single source of truth for Talanx, collecting regulatory data across 204 Consolidated companies worldwide

With CCH Tagetik, Talanx spends far less time creating reports and verifying data and can spend much more time on value-added analysis and review.

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Talanx, as an international and big European insurance group, has to fill various and strict regulatory requirements, we have to deal quite a lot with Solvency II and other requirements due to the topic.

… Some issues with IC matching and also Capital consolidation that they have some problems with: that were the major issues why they were searching for a new software.

They selected CCH Tagetik due to a flexible diagnostics, they have a lot of modification possibilities of the cross checks of the evaluation of the data and a stable outlook of the future of CCH Tagetik and the further development of the product, because right at that time, there were quite a lot of emergents software suppliers, so they looked out for a stable software for consolidation and data collection.

We're using CCH Tagetik for the consolidation of the data, and we collect also the data, so for 204 consolidated companies we collect IFRS data worldwide and then we evaluate the data via diagnostic , and we also use the consolidation engine of CCH Tagetik to consolidate our data for the financial figures at the end.

For the consolidation part we use the segment reporting, also the data collection … Interesting for the Talanx group is that we have separate clients: so we have a version with all specific requirements for the data collection, which is called the CCH Tagetik data entry version, for all the users worldwide, and a separate client for CCH Tagetik consolidation, with some special settings and also to get a better performance, because we want to consolidate same time, when all the end users are entering the data and running diagnostics and submissions.

Besides that, we're using Excel Cube for analytics in the group accounting department, doing several different analysis, and we had a lot of good experience using this tool for data analyzing.

Due to the good experience in the group accounting and also in the group risk management, we would like to recommend CCH Tagetik to any other customer.

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