Best regulatory reporting software: BearingPoint Abacus/Solvency II
Finalists: Invoke Regulatory S2, Willis Towers Watson Risk Reporter
It is a testament to BearingPoint’s Abacus/Solvency II reporting package that two of its prominent users, Zurich Insurance Group and Mutuelle Médicis, each describe it as “reliable”, in a period of seismic reshaping of Europe’s regulatory landscape.
Zurich has applied Abacus/Solvency II for pillar 3 reporting at 25 of its affiliates spread across at least eight countries. It sought an affordable total cost of ownership for its supervisory reporting system, BearingPoint said.
Overall more than 200 underwriters in 21 European countries use it, including Swiss Re and Länsförsäkringar.
Another, AFA Insurance, highlighted the package’s deliverability ‘as software as a service’ as advantageous. About half Abacus/ Solvency II users take delivery of it in this form. AFA could deploy it “within a few months”, the company said.
Abacus/Solvency II helps the head of accounting operations at Mutuelle Médicis generate pre-validated and submission-ready regular quantitative reporting templates (QRTs) in the required XBRL format.
BearingPoint’s teams have supported clients in the run-up to filing, including by running workshops to identify goals and the pillar 3 workload for insurers; by documenting the results of relevant tests; and by training of key staff.
Abacus/Solvency II itself covers the entire workflow for reporting, from importing data to the authorisation process and generation of quantitative reports in XBRL.
The data model behind its Abacus/Solvency II package follows the quantitative reporting template logic, and it is kept up to date by the firm feeding in regulators’ latest requirements of underwriters under the new regime.