After the successful “Go-Live” of Solvency II reporting for clients in over 20 European countries during the summer of this year, BearingPoint has won best regulatory reporting software competition.
London / Frankfurt, November 18, 2015 — BearingPoint’s ABACUS/Solvency II platform was awarded “Best Regulatory Reporting Software” at the annual Insurance Risk Awards in London on November 11, 2015. Awards are given in categories covering risk practitioners in insurance companies, ALM and insurance solutions teams in banks, technology providers and consultants.
The Insurance Risk Awards is a global measure of success in the financial services insurance industry, and we congratulate BearingPoint with ABACUS for the best regulatory reporting software. This company has demonstrated commitment and success in supplying innovative and efficient technology to our industry.
Robert Mannix for Insurance Risk
The recognition as best regulatory reporting software makes us very proud as it shows our commitment to successfully implement regulatory frameworks by working closely with our insurance clients. It demonstrates our market strength and leadership in the regulatory domain, which is mainly based on our innovative ‘RegTech‘ ABACUS solutions along the regulatory value chain.
Dr. Robert Wagner, Financial Services Leader 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 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 otherwise face the cost and risks of trying to “go it alone.”
About ABACUS/Solvency II
ABACUS/Solvency II is an audit-proof, end-to-end Solvency II compliant reporting solution that is used by over 200 small, mid-size and large international insurers in more than 20 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.
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 9,700 people serves clients in more than 70 countries and engages with them for measurable results and long-lasting success.
For more information, please visit: www.bearingpoint.com