Allianz Group and Médicis confirm that the generation and submission of annual reports using BearingPoint’s proven regulatory reporting solution for insurers ABACUS/Solvency II went smoothly
Frankfurt, July 27, 2017 – Management and technology consultancy BearingPoint, a leading provider of Risk and Regulatory Technology (RiskTech/RegTech), announced that the first Solvency II annual filings were a resounding success for its ABACUS/Solvency II customers across Europe. At the end of May 2017, more than 200 insurers, including Allianz Group, Médicis and others, successfully generated and submitted their Pillar 3 annual reports 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.
We experienced a smooth first annual reporting under Solvency II. ABACUS/Solvency II proved to be a reliable product for end-to-end Pillar 3 QRT reporting.
Dr. Andreas Herbstrith, Head of Consolidation & Reporting Solutions at Allianz Group
We met the deadline for the first annual group reporting under Solvency II. Both the proven and reliable ABACUS/Solvency II solution and the support of BearingPoint made a significant contribution to this success.
Jean-François Billac, Director of Accounting Operations at Médicis
The successful submission of the first annual reports was the last milestone towards the full go-live of Solvency II reporting. Annual reporting was much more complex compared to the quarterly reporting due to a considerably larger number of templates to be submitted and a higher level of data granularity. Getting such a positive feedback from our clients on how it went makes us very proud. It indicates that our ABACUS/Solvency II is state of the art in regulatory reporting for the insurance industry and future-proof.
Dr. Maciej Piechocki, Partner at BearingPoint
With ABACUS/Solvency II, BearingPoint provides an award-winning comprehensive off-the-shelf Solvency II compliant software package, which is currently used by over 200 small, mid-size and large international insurance companies in 21 European countries. The product covers the complete Pillar 3 workflow from data import, validation and sign-off to the final generation of regulator-ready Quantitative Reporting Templates (QRTs) in XBRL format. Using BearingPoint’s own data model, the software enables a high degree of automation of the reporting process, thus increasing cost efficiency. For demonstrating excellence in the field of Solvency II reporting, ABACUS/Solvency II has been featured in the Gartner Guide for Solvency II Solutions and has been honored with three industry awards in the categories “Best Regulatory Reporting Solution/Software” within the last two years, including the InsuranceERM Awards 2016, as well as the Buy-Side Awards 2016 and the Insurance Risk Awards 2015 by Risk.Net.
BearingPoint is continually working on further improvements to the product and adding new features in line with customer needs. ABACUS/Solvency II has been extended to support the ECB Insurance Statistics Reporting (ECB add-ons) as well as the national specific templates (NSTs) for Ireland and France. More countries are expected to follow as they define their NSTs. In addition, BearingPoint has recently introduced a new ABACUS/Solvency II KPI module that facilitates report data analysis and definition of the key performance indicators (KPIs).
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three units: Consulting, Solutions and Ventures. Consulting covers the advisory business; Solutions provides the tools for successful digital transformation, regulatory technology and advanced analytics; Ventures drives the financing and development of start-ups. BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
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