18/11/2011
By Scott Thompson
BearingPoint has launched its ABACUS/Solvency II reporting solution.
Working with insurance industry representatives, the management and technology consultancy has developed a pan-European reporting solution for Solvency II that covers the standard and local requirements of regulators. It covers all Quantitative Reporting Templates (QRTs) currently defined by the European Insurance and Occupational Pensions Authority (EIOPA) and will be continuously adapted to reflect subsequent regulatory changes.
Built on the ABACUS/DaVinci technology platform, ABACUS/Solvency II offers insurers such benefits as: eonomies of scale; continuous updating of the report consolidation, validation and submission engine to help comply with the evolving requirements of supervisors; reduced Solvency II implementation cost by leveraging a defined QRT data architecture; flexibility and ease of use to integrate with the insurers’ diverse and complex IT landscapes
“Our focus extends beyond software design and implementation,” says Patrick Maeder, head of BearingPoint’s insurance segment. “It includes Solvency II transformation support as well as ongoing solution adaptations that we can make swiftly thanks to our close relations with local regulators and insurance associations. As regulation changes, so will the ABACUS solution, so once it has been implemented a company remains compliant no matter how much the regulation evolves.”
