Insurers in 21 European countries successfully submit Solvency II “Day 1” and the first quarterly reports using BearingPoint’s Abacus solution
Frankfurt, July 19, 2016 – Management and technology consultancy BearingPoint, which ranks among the leading providers of Regulatory Technology (RegTech), announces the successful go-live for the first wave of Solvency II reports for clients across Europe, such as Zurich Insurance Group, Swiss Re, Länsförsäkringar, Médicis and others. Insurers in 21 European countries using BearingPoint’s proven ABACUS/Solvency II platform submitted the “Day 1” reports and the first quarterly reports at the end of May to local supervisors in various European countries, such as the Central Bank of Ireland, PRA in the UK, BaFin in Germany, CAA in Luxembourg, FI in Sweden, IVASS in Italy, ACPR/Bank de France, and FMA in Austria.
Thanks to BearingPoint and its ABACUS/Solvency II platform, we reported on day 1 and Q1 with successful results for all our companies.
Malin Rylander-Leijon, Chief Financial Officer at Länsförsäkringar, the largest Swedish insurer
Thanks to diligent preparation, the reliable ABACUS/Solvency II platform and the customer-focus of the BearingPoint team, the first wave of Solvency II reports went easily and efficiently. We are very satisfied with the results.
Jean-Francois Billac, Director of Accounting Operations at Medicis, French insurance company
The successful go-live is an important milestone for us. The number of various European supervisory authorities and central banks to which we deliver productive and high quality Solvency II XBRL data is remarkable and underscores that our software platform ABACUS/Solvency II is state of the art in reporting for the insurance industry.
Maciej Piechocki, Partner at BearingPoint
BearingPoint clients include small, mid-size and large international insurance companies, comprising over 200 reporting entities in 21 European countries. Since the product launch in 2011, BearingPoint has been a leading provider of Solvency II reporting solutions. In 2015, BearingPoint was honored with the Insurance Risk Award for ABACUS/Solvency II as “Best Regulatory Reporting Software.” In 2016, BearingPoint successfully launched ABACUS/4U, a tailored “plug & play” solution for insurers, which can substitute EIOPA’s Tool for Undertakings (T4U) that is soon to be decommissioned.
BearingPoint’s pan-European reporting solution offers a number of additional benefits to insurers, such as 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 implemented centrally within Abacus, helping insurers avoid the need for continuous adaptations and testing in-house. This feature is appealing not only to global players but also to small and mid-size insurers across Europe who would otherwise face the cost and risks of trying to “go it alone.”
About ABACUS/Solvency II
ABACUS/Solvency II is a tamper-proof, end-to-end Solvency II compliant reporting solution that is used by over 200 small, mid-size and large international insurers in 21 European countries. ABACUS/Solvency II covers the complete workflow from data import, to validation, sign-off process and transfer of Quantitative and Qualitative Reports in XBRL format. The product is based on BearingPoint‘s proven 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.
For more information about ABACUS/Solvency II, please visit: www.abacus-solution-suite.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 more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success.
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