Enhancing efficiency in Solvency II Reporting

cundus offers consulting services regarding the upcoming reporting requirements driven by Solvency II, which are going to be mandatory in 2013. We support you in optimizing your external reporting processes to save time and cost and enhance the efficiency for reporting requirements such as:

Supervisory Reporting including ORSA-Reporting– Report to Supervisors / Regular Supervisory Report (RTS / RSR)
Reporting of the solvency- and financial situation – Solvency and Financial Condition Report (SFCR)
Reporting of quantitative Data – Quantitative Reporting Templates (QRT)

Based on our experience we are offering predefined consulting solutions in order to help our customers mastering the upcoming regulatory requirements of EIOPA (European Insurance and Occupational Pensions) and FSA (Financial Services Authority).

Your Company’s Benefits:

Time and cost savings
Acceleration of the Report Development Process
Minimization of effort and risks
Enhanced Data Quality and auditability
Flexibility and Transparency within the Report Development Process
Achieving a Return on Investment
Accelerated implementation and productive systems

cundus Consulting Services for Solvency II Reporting

Our objective is to enable our customers in mastering the challenges of the Reporting Requirements and to build up an efficient reporting process. Starting from the Integration and Collection of Data from different source Systems (SAP as well as Non-SAP-Systems) reaching to the final report, cundus offers predefined Business Content and customized tools matching the regulative requirements of EIOPA (European Insurance and Occupational Pensions).

Our Service Portfolio:

Expert advise and targeted-concept in the frame of Solvency II Reporting
Solution-Design and Conception of an individual solution architecture
Implementation and Customizing of SAP BusinessObjects Disclosure Management, SAP BO Notes Management
Delivering of reporting structure for SFCR, RTS and XBRL-tagged “Quality Review Templates” including ORSA
Maintenance of the QRT-templates if Taxonomy is changed by EIOPA
Technical Support in the Consolidation of old reporting structures into the new reporting modules
Project-Management for Regulator Reporting
User-Training and Helpdesk

Challenges for insurance providers

The new reporting requirements (Pillar 2 and 3) are more complex and extensive

Quantitative Information (QRT, ca. 60) with high delegation level (open-ended)
Qualitative Information for SFRC, RSR/RTS, ORSA (approx. 200)

Companies have to…

ensure consistency between IFRS and Solvency II
identify differences in values and create transparency
identify and integrate additional information, which is required for Solvency II
handle cost and time pressure is increasing within the scope of reporting
manage that Reporting process conforms to the revision standards

Several persons or departments are involved as part of the workload

The workload has to be transparent and revision prove
The overview of the status is important
Manual steps of the processes have to be eliminated as a potential source for error (Data integration)
Change of content (figures and text) during the reporting process has to be comprehensible