VistaOne Solutions has released vSolvencyII, a regulatory reporting solution which aims to provide end-to-end governance for European and UK insurance firms and their asset management functions in order to comply with the impending 2013 Solvency II capital adequacy regulations, covering he insurance sector.
The vendor describes vSolvencyII as a complete governance solution built on a proven financial services technology platform. It features reporting capabilities, delivering the functionality needed to flexibly aggregate multiple data sources into consistent data architecture, says VistaOne.
At the same time, it provides rule-based workflow designed to automate the preparation of data, exception management, audit controls and fulfilment of quantitative reporting templates (QRTs) to produce regular supervisory reports (RSRs) and solvency and financial condition reports (SFCRs). vSolvencyII is powered by vReporter, a data management and reporting solution, with over 500,000 users across over 200 financial services firms, supporting internal users, their clients and regulators.
“With the 2013 deadline quickly approaching, understanding how technology is used to help insurers and asset managers get in front of the Solvency II issue is the first step towards regulatory compliance,” said Brian Lott, VistaOne Solutions’ global head of product.
“As early as 2010, our published research on the challenges the industry is facing, focused on staying ahead of impending regulations. Our software and service capabilities have shown that a robust end-to-end data management solution helps insurers and their asset managers move more quickly towards compliance.”
By Graham Buck