24 February 2015
Insurance and Reinsurance Firms Automate Solvency II Reporting with Tagetik Software
Pre-packaged application reduces risk and ensures compliance with January 2016 deadlines and future EIOPA requirements
With this solution, firms are able to compile data to report specific disclosure requirements set by Solvency II including data-entry forms, reports, calculations, a narrative template and the XBRL output for automated, computerized filings to adhere to the January 2016 implementation requirements.
“We expected strong demand for our pre-packaged solution for Solvency II but the final results for 2014 were well above our expectations. The realization that the January 2016 deadline is virtually set in stone has stimulated many companies to take action,” said , co-chief executive officer, Tagetik.
Today, more than 40 insurance companies spanning many European countries including The Netherlands, Italy, Spain, Portugal, Austria, Slovenia, Norway and Sweden rely on Tagetik to automate Solvency II compliance reporting. Recent additions or fully implemented customers include: Assicurazioni Generali, Credemassicurazioni and Credemvita, Protector Försikring ASA, Talanx, Companhia de Seguros Açoreana, DSW, ONVZ, Unigarant, Menzis,Unive’, Dina Försäkringar, Zavarovalnica Triglav and Nacional de Reaseguros.
Tagetik was one of the first software companies to work directly with insurance companies todevelop a pre-packaged solution for Solvency II. One of those first customers was TVM in theNetherlands. “With Tagetik’s solution in place, TVM is proud to be the first European insurance company with an integrated and standardized statutory, and Solvency II-compliant reporting process,” said Emile Kaal, finance director, TVM, back in 2012.
“Solvency II is imperative for insurance and reinsurance companies to meet pending regulations, but it should not be addressed in isolation. It is an integral part of a company’s overall financial processes, especially financial reporting and disclosure,” said , executive vice president and head of professional services, Tagetik. “Creating a foundation of reliable, traceable data as part of a unified close to disclosure process minimizes risk and supports Solvency II and other requirements from one source with complete auditability across all types of outputs. Tagetik has become a strong partner in helping insurance firms improve their performance management processes and comply with the upcoming regulations at the same time. This approach saves time and resources and also reduces risk.”
“Tagetik is one of a number of business relationships we have established to better serve the needs of our clients. These relationships complement our service capabilities and allow us to offer clients flexibility in their choice of recognized technology solutions,” said Roger Kunz-Brenner, lead partner 'finance' (business reporting), PwC Switzerland. “Together with Tagetik we have invested in a number of joint offerings, Solvency II being just one of these, where we are combining our regulatory, insurance and business change management expertise with Tagetik's Solvency II pre-packaged solution to help clients to address the Solvency II requirements in a seamless manner.”
With the pre-packaged Solvency II application from Tagetik, customers can ensure compliance with both current and future European Insurance and Occupational Pensions Authority (EIOPA) requirements:
- Complete all qualitative (FCSR, RSR) and quantitative (QRT) reporting obligations;
- Calculate Solvency Capital Requirement (SCR), Minimum Capital Requirement (MCR) and other KPIs automatically;
- Create Own Risk and Solvency Assessments (ORSA) via built-in narrative templates;
- Generate traceable, auditable numbers and run stress tests across all levels of the company.
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