Depending on the approach taken by insurance companies efficient and effective reporting are in place. It is our vision that streamlined regulatory reporting can be achieved when the three pillars of Solvency II are supported by one platform. This requires a solution that can automate reporting processes, integrate financial models and data sources, manage data point models, offers quantitative and qualitative reporting templates, etc. A high requirements coverage across Pillar I, Pillar II and Pillar III is essential.
SecondFloor helped insurance companies across Europe to achieve the goal of 3 Pillars on one platform.
Support pillar one requirements with EIOPA general provisions and capital requirements. The implementation of the Standard Formula supports calculation of SCR/MCR. Whereby the challenge of collecting the required input is addressed with clear templates and technical validations.
Pillar 3 requirements are for disclosure and transparency in reporting to the regulator and public. Whilst technical specifications keep evolving the reporting timelines are steadily reduced. Companies are challenged to implement efficient and effective reporting process. We learn from our customers that good tools are essential to keep control.
The Pillar Two provisions are related mainly to the system of governance, including the own risk and solvency assessment (ORSA). The requirements aim to safeguard adequate risk management and governance. The system implementation ensures efficient and effective realization of EIOPA's requirements.