Ronny Reppe, CEO Noria Insurance Software has written a web report noting that seamless data flow between insurance systems and Solvency II reporting tools helped ease supervisory reporting processes.
He said that Solvency II had placed a heavy burden on insurance companies as it had introduced stricter reporting demands than previously seen in the industry. Data needed to be collected from various data sources and combined in a centralized place. Calculations had to be run, and reports had to be filled out in the required format – all in a process that needed to be repeated periodically and monitored closely.
Ongoing compliance data management was critical to align with the new regulation, but was a task “riddled with challenges”. The data requirements for Solvency II reporting were much more complex than insurers had previously compiled for internal use.
Simple Excel spreadsheets had proved to be adequate policy administration tools for smaller insurance agencies up until today. However, facing Solvency II reporting requirements, data gathering, validation and report production were challenging. Resolving data quality issues often leads to an extremely time-consuming operation.
To combat this, insurers increasingly need a tool which draws reporting data from the information routinely processed in the normal course of business. A dedicated solution to meet Solvency II’s complex requirements is essential.
The market for packaged software solutions capable of supporting multiple business functions and regulatory reporting requirements has matured. Several service providers offer insurance systems with built-in Solvency II reporting capabilities – with low cost, simple implementation and minimal maintenance. Integrating these systems with dedicated tools for Solvency II reporting, unlocks far more efficient reporting capabilities.
Several IT and software suppliers have developed the necessary tools to perform seamless Solvency II reporting. Escali Financial Systems is one such provider. Their Escali Supervision system is one of the most efficient solutions helping insurers ease their Solvency II reporting pains.
Reppe said that the benefits of integrating insurance systems with Solvency II reporting tools made it beneficial for software houses to partner up for added-value services for their customers. Acknowledging this opportunity, Noria has partnered with Escali to help insurers ease the Solvency II reporting process. providing a cloud-based full-stack service with seamless integration between insurance systems and reporting tools and delivering Escali’s products as part of Noria’s SaaS offering.
Reppe said that Noria believes its carefully selected partnerships would provide greater value to customers.