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  • 22/03/2012

Insurers face an enormous burden to accurately and efficiently comply with Solvency II requirements by the end of 2013. The challenges of Solvency II are already having an impact across all organization levels, and in particular dedicated involvement of Finance, Risk and IT is essential to overcome them.

Pillar III requires the development of a reporting framework and systems which can be easily integrated into a firm’s IT infrastructure to enable accurate, auditable and timely QRT reporting.

BearingPoint is already one step ahead in working towards a standard solution for Solvency II reporting, which has been well received by the European Insurance CFO Forum. The CFOs’ positive feedback subsequently led to the development of the ABACUS/Solvency II reporting solution.

In our experience, insurers can achieve significant time and cost savings by building on an already up-to-date data dictionary and data model – not only with respect to Solvency II reporting, but also in reducing workload within Pillars I & II.

Insurers who implement ABACUS/Solvency II will benefit from:

  • Economies of scale - development and maintenance costs are shared across all participating insurers
  • Fully-compliant report consolidation, validation and submission engine that is updated with the evolving requirements of Supervisors
  • Reduced Solvency II implementation cost by leveraging defined QRT data architecture
  • Flexible, easy-to-use design and robust IT platform with 18 years’ demonstrated reliability in handling regulatory reporting
  • Support from a highly-capable support infrastructure (including hotline and online access to experts), and a Europe-wide network of experienced consultants

With the final QRT forms being published at the end of Q1 2012, now is the best time to see how BearingPoint can help you ease this enormous burden.

Interested? Please join our upcoming breakfast session on our ABACUS solution for Solvency II reporting.

Date: Thursday March 22

Time: 08:00 – 10:30 hrs.

Location: U-trechter, Veilinghavenkade 4-8, 3521 AK Utrecht (Netherlands)

Subscribe: send an email to Klaasjan.doeswijk@bearingpoint.com