This makes the Swiss reinsurer a front-runner in compliant regulatory reporting
Zurich, May 26, 2014 – Swiss Re has implemented BearingPoint's ABACUS/Solvency II reporting solution. This software package enables full reporting according to the new European Solvency II directives. The EU-based subsidiaries of the Swiss reinsurer are already prepared for the new reporting regime, which comes into force on January 1, 2016; accordingly Swiss Re is considered a forerunner in compliant regulatory reporting. ABACUS/Solvency II will be used in all business units of Swiss Re that are required to report in accordance with Solvency II regulation.
ABACUS/Solvency II supports Swiss Re in the collection, validation and processing of data in the context of regulatory reporting under Solvency II. As a standardized solution, it offers a process flow aligned to the specific requirements of Solvency II. For insurers, this helps reduce software development and deployment costs as well as associated risks.
Lutz Wilhelmy, Director and Solvency II Program Manager at Swiss Re, commented: “Solvency II calls for comprehensive reporting. The timeframes for preparing quarterly and annual reports are challenging. Therefore we are delighted that the solution we have implemented is operational since the end of 2013. It means we are prepared ahead of time for the interim measures and for the full adoption of the directive. The experience we have gained is valuable both to us and to our clients. For Swiss Re, choosing a well-established solution from BearingPoint has reduced our operational risk and our total reporting cost.”
Patrick Maeder, Partner and firm-wide leader of the insurance segment at BearingPoint, added: “Together with Swiss Re, we have reached a milestone in the implementation of Solvency II. This is now state of the art in reporting.”
The solution is based on BearingPoint‘s ABACUS platform which is widely used by companies across Europe to meet their reporting requirements under Basel III, EMIR and other directives. BearingPoint works closely with insurers and regulators as part of its continuous development of ABACUS, helping it stay at the forefront in reporting system technology and expertise.
BearingPoint’s Europe-wide reporting solution offers a variety of additional benefits for insurance companies: flexible data consolidation across complex IT environments, regulatory and management reporting capability, multi-language and workflow functionality, sophisticated mechanisms to automate individual reporting activities, as well as seamless integration into IT operations. Through its Europe-wide network of Solvency II consultants, customers are supported locally as needed while implementing the solution.
In addition, adaptations triggered by regulatory changes are done centrally in ABACUS. Thus, insurers can avoid having to perform ongoing system adjustments and testing themselves. This feature not only appeals to global players such as Swiss Re, but also to small and medium-sized insurance companies throughout Europe who would otherwise bear the costs and risks of their own reporting solution.
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk-taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 60 offices globally and is rated "AA-" by Standard & Poor's, "A1" by Moody's and "A+" by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed on the SIX Swiss Exchange and trade under the symbol SREN.
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