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CZ Health Insurance


Statutory reporting, Solvency II compliant, reporting, Expense allocation


“With CCH Tagetik, we have been able to create a single data and reporting platform for our current and future reporting needs. The CCH Tagetik solution enabled us to switch from a spreadsheet -based solution to an auditable, data-driven reporting solution. We can now spend more time on analysis of data and much less time on data collection.”

Ronald van Hees, Finance Director, CZ Health Insurance


 

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the challenge

Up until 2015, the annual reporting and internal cost allocation process at CZ Health Insurance, one of the Netherlands’ leading health insurance companies, were primarily supported by large numbers of Excel and Word files. Reporting processes were not standardized, required significant manual work, and required time- consuming audit trails. Many extensive manual checks were required to ensure the reliability of the numbers. Required XBRL filings were done using EIOPA’s T4U tool.


In 2015, company executives realized an automated solution was needed to support CZ in managing compliance and financial data, meet the complex reporting requirements for Solvency II, and streamline the various reporting processes to better utilize professional staff time.

Benefits

Benefits


Integrated solution

Integrated solution for statutory reporting, Solvency II reporting, management reporting, and expense allocation

Reduction manual work

Reduction in manual work, signficant time savings and reduction of time needed for data collection and validation

Single, unified data

Single, unified data and reporting platform for all financial reporting requirements

Single mapping

CZ now has single mapping from the general ledger and a single set of data to meet both statutory and Solvency II requirements

Fully auditable and traceable data

CZ now produces fully auditable and traceable data at a much lower cost with built-in XBRL delivery

Data consistency across all reports

The solution has addressed CZ’s data consistency challenges and ensures that correct and validated data is available for every detail level of Solvency II

the solution

After a detailed market comparison, CZ selected CCH Tagetik’s Software. The selection team was also impressed by CCH Tagetik’s strong customer base in the insurance industry. By implementing CCH Tagetik, CZ was able to meet its statutory reporting needs and, in parallel, address Solvency II requirements.


The solution has also addressed CZ’s data consistency challenges and ensures that correct and validated data is available for every detail level of Solvency II. Historical data is now available for comparing with current data for trend analysis. CCH Tagetik’s workflow management features support trackable data collection and version control.


CZ now has single mapping from the general ledger and a single set of data to meet both statutory and Solvency II requirements. With the pre-packaged application (including all QRTs, reports, data-entry forms, validation rules), CZ now produces fully auditable and traceable data at a much lower cost with built-in XBRL delivery.

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