SAP has announced a new solution designed for insurers faced with meeting the stringent reporting requirements of the Solvency II Directive and its approaching deadlines.
SAP’s Solvency II Regulatory Reporting software provides a cost-effective fast track for insurance companies to make public disclosures through regulatory reporting as required under the mandates of Solvency II, according to the provider. In turn, the improved transparency will also help European officials better determine compliance and enforcement of the new regulation.
Solvency II regulation will require insurance companies located or doing business in the EU to calculate and document solvency through detailed public reports and audits. A number of businesses will likely have difficulty meeting the requirements, according to an SAP release. Business analysts say that the changes required will be monumental, with the potential to cost insurance companies billions to redesign their infrastructure and policies and train their workforce. The SAP Solvency II Regulatory Reporting rapid-deployment solution attempts to simplify this process.
Preconfigured quantitative templates and reliable data sets pooled from multiple source systems help produce faster, more detailed reports with fewer errors. According to SAP, this enables a rapid-deployment, as the software is designed to go live within 12 weeks.
