Management and technology consultancy BearingPoint, which ranks among the leading providers of Regulatory Technology (RegTech), announces the successful go-live for the first wave of Solvency II reports for clients across Europe, such as Zurich Insurance Group, Swiss Re, Länsförsäkringar, Médicis and others. Insurers in 21 European countries using BearingPoint’s proven ABACUS/Solvency II platform submitted the “Day 1” reports and the first quarterly reports at the end of May to local supervisors in various European countries, such as the Central Bank of Ireland, PRA in the UK, BaFin in Germany, CAA in Luxembourg, FI in Sweden, IVASS in Italy, ACPR/Bank de France, and FMA in Austria.
Malin Rylander-Leijon, Chief Financial Officer at Länsförsäkringar, the largest Swedish insurer, stated: “Thanks to BearingPoint and its ABACUS/Solvency II platform, we reported on day 1 and Q1 with successful results for all our companies.”
Jean-François Billac, Director of Accounting Operations at Médicis, French insurance company, stated: “Thanks to diligent preparation, the reliable ABACUS/Solvency II platform and the customer-focus of the BearingPoint team, the first wave of Solvency II reports went easily and efficiently. We are very satisfied with the results.”
Maciej Piechocki, Partner at BearingPoint, commented: “The successful go-live is an important milestone for us. The number of various European supervisory authorities and central banks to which we deliver productive and high quality Solvency II XBRL data is remarkable and underscores that our software platform ABACUS/Solvency II is state of the art in reporting for the insurance industry.”
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 has been a leading provider of Solvency II reporting solutions. In 2015, BearingPoint was honored with the Insurance Risk Award for ABACUS/Solvency II as “Best Regulatory Reporting Software.” In 2016, BearingPoint successfully launched ABACUS/4U, a tailored “plug & play” solution for insurers, which can substitute EIOPA’s Tool for Undertakings (T4U) that is soon to be decommissioned.
BearingPoint’s pan-European reporting solution offers a number of additional benefits to insurers, such as 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 would otherwise face the cost and risks of trying to “go it alone.”