BearingPoint’s ABACUS/Solvency II has received its third industry award in recognition of the company’s excellence and expertise in regulatory reporting for the insurance industry.
Management and technology consultancy BearingPoint, a leading provider of Risk and Regulatory Technology (RiskTech/RegTech), is the winner of the “Best Regulatory Reporting Solution” category at the first annual InsuranceERM Awards. A distinguished panel of judges recognized BearingPoint’s ABACUS/Solvency II product, which enables insurers to remain in compliance with their regulatory reporting obligations under the Solvency II Directive. This marks the third award ABACUS/Solvency II has now received, in addition to the “Best Regulatory Reporting Software” at the Insurance Risk Awards 2015 and the Buy-Side Awards 2016 by Risk.net.
InsuranceERM launched the awards in late 2016 to formally recognize companies that demonstrate excellence in risk management, actuarial and risk modelling practices, and the leading service providers that help the insurance industry achieve its goals. The technology providers were assessed on multiple criteria, including the ease and speed of implementation, flexibility, robustness, scalability, transparency, technical support, and cost. The awards were then officially granted at the recent awards ceremony in London.
Maciej Piechocki, Partner at BearingPoint, commented: “This is the third award that ABACUS/Solvency II has won in the last two years, which makes us very proud. The esteemed recognition our solution has received from industry experts time and again acknowledges our excellence in the field of regulatory reporting for insurance companies and clearly reflects our aspirations to remain a reliable partner for our clients and to tailor the products and services to their needs. After successfully achieving the Day 1 and quarterly report submissions, we are now getting ready for the first annual report submissions to supervisors in May 2017.”
ABACUS/Solvency II is a tamper-proof, end-to-end Solvency II compliant reporting solution, which is currently used by over 200 undertakings in 21 European countries. It covers the complete workflow from data collection, to the validation and preparation of Quantitative Reports (QRTs) in XBRL. It additionally supports the latest ECB Insurance Statistics reporting requirements (ECB add-ons) and local requirements in Ireland and France (National Specific Templates – NSTs), allowing for a consistent way of reporting in accordance with the EIOPA, ECB, and national supervisor rules. Further, a recently introduced ABACUS/Solvency II KPI module facilitates report data analyses, defines and measures key performance indicators (KPIs) and also graphically illustrates them.
ABACUS/Solvency II is available as both an on-premise solution as well as SaaS (Software-as-a-Service), and approximately 50 percent of clients have opted for the latter. It is designed as a modular solution, so it is suitable for large multinational insurers as well as for mid-sized and small companies. BearingPoint has also launched ABACUS/4U, which builds upon ABACUS/Solvency II as a ‘plug and play’ application. It is designed to help insurers transition from EIOPA T4U and has been adapted to fit the particular needs of smaller undertakings.
The product is based on BearingPoint’s proven Abacus platform, which is widely used by companies across Europe to meet their reporting requirements in compliance with Basel III, EMIR, and other directives. BearingPoint works closely with insurers and regulators to continuously develop Abacus so that it remains at the forefront of reporting system technology and expertise.