Swiss insurance giant chooses the well-established standard software ABACUS/Solvency II to minimize risk and total cost of ownership
Zurich, January 22, 2015 – Management and technology consultancy BearingPoint announced today the signing of a contract with Zurich Insurance Group for the implementation and use of BearingPoint’s ABACUS/Solvency II reporting solution for 25 affiliates.
This standard software package enables comprehensive regulatory reporting in accordance with the new Solvency II requirements in the EU. It is built on BearingPoint’s ABACUS solution suite that is widely used in European countries to address Basel III, EMIR and further regulations. ABACUS/Solvency II comprises data collection, validation, preparation and Solvency II supervisory reporting. As a standardized solution, it offers a process flow aligned to the specific requirements of Solvency II. Thus, ABACUS/Solvency II helps reduce software development and deployment costs as well as associated risks.
ABACUS/Solvency II will be deployed across Zurich entities subject to Solvency II requirements. This includes subsidiaries in Austria, Germany, Great Britain, Ireland, Italy, Luxembourg, Portugal and Spain.
Choosing an established, reliable solution reduces both risk and the total cost of ownership for Zurich.
Dr. Monty Cachej, Head of Solvency II PMO and Solution Management at Zurich
Through its ongoing ABACUS enhancements, BearingPoint demonstrates its commitment to work closely with insurers and regulators to stay at the forefront of regulatory reporting technology and expertise. We are very pleased Zurich, another big insurer, has chosen ABACUS/Solvency II as its strategic reporting solution.
Dr. Maciej Piechocki, Partner and responsible for Regulatory Value Chain at BearingPoint
BearingPoint’s pan-European reporting solution offers a number of additional benefits to insurers: flexible data consolidation across complex IT landscapes, statutory and management reporting functions including XBRL, multi-language capability, as well as a Europe-wide network of Solvency II consultants. Furthermore, revisions due to regulatory changes are performed centrally within ABACUS, thereby helping insurers avoid the need for continuous adaptations and testing in-house. This feature is appealing not only to global players such as Zurich, but also to small and mid-size insurers across Europe who otherwise face the cost and risks of trying to “go it alone.”
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With more than 55,000 employees, it provides a wide range of general insurance and life insurance products and services. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.
Further information about Zurich is available at www.zurich.com.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of 9,200 people serves clients in more than 70 countries and engages with them for measurable results and long-lasting success.
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