With ABACUS/Solvency II, BearingPoint Software Solutions GmbH offers a comprehensive off-the-shelf standards based software package for regulatory reporting by insurance companies in accordance with Solvency II. It covers current statutory requirements on the basis of the specifications from the European Insurance and Occupational Pension Authority (EIOPA) in the field of Solvency II (Pillar 3).
Due to its modular structure and based on the business fields and products of the banks, ABACUS/Solvency II can be configured preserving the statutory specifications of the client. Supervisory regulatory reports can be generated in a simple, efficient and cost-effective manner and prepared for uploading to the respective supervisory authorities.
ABACUS/Solvency II is based on a modern system architecture which is viable for the future. Significant components of this architecture include a flexible Client-Server architecture (three-tier architecture) and a relational database. Furthermore, ABACUS/Solvency II is a web-based application and therefore also offers an ideal basis for an outsourcing solution. ABACUS/Solvency II runs without dependence on platforms and due to its multitenant capability, is an established aid for both small and large insurance companies.
Working closely with insurance industry representatives, BearingPoint has developed a pan-European reporting solution for Solvency II that covers the requirements of EIOPA and can be adjusted flexibly to subsequent national additions. With this solution all quantitative reports, so-called Quantitative Reporting Templates (QRTs) necessary for the regulatory reporting, can be prepared for solo entities as well as for groups.
An additional model supports insurance companies in the preparation of the necessary qualitative reports, for the Regular Supervisory reporting and the Solvency and Financial Condition Report. Here a direct connection can be made between the two modules. ABACUS/Solvency II will be continually adapted to the updated specifications and requirements of EIPOA.
BearingPoint offers a comprehensive service portfolio including support in the implementation of the Solvency II requirements as well as a professional helpdesk and continual adaptation of the software.
ABACUS/Solvency II is convincing above all on account of the following characteristics: