Gartner evaluated and assessed BearingPoint positively in the support for Pillar 3 (reporting aspects), vendor viability, general capabilities and deployment options
Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory software, has been evaluated, along with 20 other vendors in the recent Market Guide for Solvency II Solutions by Gartner’s analyst Juergen Weiss. The report grants deep insights into the market for Solvency II solutions and identifies five types of solution providers.
With its Solvency II standard software solution ABACUS/Solvency II, BearingPoint is categorized as a “single-pillar vendor” and received a positive assessment on Pillar 3 of the Solvency II framework dealing with quantitative and qualitative reporting requirements. Furthermore, BearingPoint received positive scores for vendor viability, general capabilities and deployment options.
Dr. Maciej Piechocki, Partner at BearingPoint, commented: “We are very pleased with the fact that Gartner acknowledges our reporting solution ABACUS/Solvency II enabling insurers to comply with Solvency II reporting requirements identified by EIOPA as well as with the ECB insurance statistics (ECB add-ons). We believe this demonstrates that our software platform is state of the art in reporting for the insurance industry. BearingPoint is continuously monitoring regulatory changes and requirements and provides its customers regulatory maintenance.”
Recently, BearingPoint announced the successful “Go-Live” of Solvency II reporting for its clients across Europe. For many undertakings, the deadline for preparatory phase data submissions according to Solvency II was June 3, 2015. Thanks to ABACUS/Solvency II, clients successfully generated and submitted the required reports to local supervisors in various European countries. Reports were submitted to the Central Bank of Ireland, PRA in the UK, BaFin in Germany, IVASS in Italy, ACPR/Bank de France, and FMA in Austria.
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 is leading the way in Solvency II reporting. Solvency II is an insurance regulatory reporting EU directive (2009/138/EC).
BearingPoint’s pan-European reporting solution offers a number of additional benefits to insurers: flexible data aggregation including full integration capabilities into complex IT landscapes, statutory and management reporting functions including XBRL, multi-language capability, ECB insurance statistics reporting (ECB add-ons to Solvency II), 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 such as Zurich Insurance Group, but also to small and mid-size insurers across Europe who otherwise face the cost and risks of trying to “go it alone”.