Major Swedish insurance company selects ABACUS/Solvency II as a Software-as-a-Service solution to achieve rapid deployment
Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory software, announced that AFA Insurance, a major Swedish insurance company, selected the proven ABACUS/Solvency II as a Software-as-a-Service (SaaS) solution. AFA Insurance is an organization owned by Sweden's labor market parties and insures around 4.5 million employees within the private sector, municipalities and county councils
Johan Dahlgren, CFO at AFA Insurance, stated: “We opted for ABACUS/Solvency II for two major reasons: it’s a proven solution and it was available as SaaS. So we will be able to achieve a rapid deployment within a few months with customized processes.”
Maciej Piechocki, Partner at BearingPoint, commented: “We are proud that AFA Insurance decided on a BearingPoint solution. This demonstrates the recognition of ABACUS/Solvency II as state of the art in reporting for the insurance industry, and the recognition of BearingPoint as an end-to-end service provider from consulting to software and managed services.”
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 May 2016, BearingPoint clients across Europe went live with the first wave of Solvency II reports.
BearingPoint’s pan-European reporting solution offers a number of additional benefits to insurers: 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 performed 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 otherwise face the cost and risks of trying to “go it alone.”