BearingPoint advises Insurers to start looking for a long-term solution for generating their Solvency II Pillar 3 reports in XBRL
On 8 July 2016, EIOPA officially announced that it plans to release the last version of its Tool for Undertakings (T4U) in the middle of October 2016, which will be based on the XBRL taxonomy 2.1.0, released on 15 July 2016. In this way EIOPA aims to support the first cycle of Solvency II reporting throughout 2016. However, starting from July 2017, the tool will be decommissioned.
EIOPA developed T4U as a free basic software tool enabling small and medium insurance companies with limited knowledge and resources to create and validate XBRL instances from Solvency II QRTs (quantitative reporting templates). T4U has been updated 6 times since its first (beta) release in December 2014.
Taking into consideration the constantly challenging regulatory landscape, the firms currently using the tool will be seriously challenged by the lack of support and upcoming decommissioning of T4U. Thus, current T4U users already have to start looking for an alternative solution to generate their XBRL reports under Solvency II regulation.
Building upon ABACUS/Solvency II, BearingPoint has launched ABACUS/4U, a ‘plug and play’ application designed to help insurers transition from EIOPA T4U and adapted to fit the particular needs of smaller undertakings. The benefits of ABACUS/4U for clients include full compliance with regulatory requirements, low implementation costs, user-friendly design, highly responsive support team and consultants on site and much more.