Solvency II Service
No.1 hassle-free Solvency II solution for all 3 pillars
All three pillars for Solvency II finally on a single platform.
With the SecondFloor solution we no longer spend time on technical issues. Now we can actually spend our time on the reporting and our numbers.
It is a real pleasure to deal with the SecondFloor team. They have been fantastic right from the start and are always there to provide help and advice when needed, with a clear and friendly style. Oh, and I can’t say enough good things about the eFrame solution. It’s very easy to use and understand and very intuitive as well. It’s totally changed the way we deliver solutions for our clients. We’re working in an efficient and remarkably stress-free way now since our switch to SecondFloor and eFrame.
With the help of SecondFloor’s software and services by their expert team. We not only save significant of time, but it's also a pleasure that these type of vendors have an excellent knowledge of Solvency II domain.
Our client, an international insurance group, uses a partial internal model for Solvency II which has been approved by the regulator. The SecondFloor eFrame Enterprise solutions manages the end-to-end reporting processes across the pillars. The solution is integrated with data sources and third party financial modelling solutions for specific categories.
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.
The EIOPA value assertions, or validations, are an important element in the quality of the reporting. When validation errors are detected instantly, corrections can be made timely. Especially with precise error messages the resolution time is shorter.
We implemented both the EIOPA technical and business value assertions with the goal to improve the overall regulatory reporting process. And our validations include NST's where applicable. We recognized the importance of the validations and as a result this is highly appreciate by our clients.
A lack of technical validations may cause the QRT filing being rejected by the regulator. And worse case the company has to re-do a major part of the reporting process.
EIOPA's technical validations (value assertions) are performed on input data. The user will receive immediate feedback, through clear error messages, and can quickly take corrective actions.
EIOPA's business validations (value assertions) are performed directly after the SCR/MCR calculations. The results are presented on the QRT Dashboard with direct links to the respective data points.
The input data, calculated results and corrective actions are all traceable to the level of data model points. A complete audit trail is kept independent of how the process is executed.
In the complex landscape of Solvency II insurance companies face challenges such as shorter reporting timelines, fully auditable processes, keeping up with regulatory changes, and the imminent decomissioning of T4U. How to keep regulatory reporting efficient and effective.
SecondFloor has developed a unique Solvency II service, that gives insurance companies instant benefit and ease of mind. We gained our expertise from working with the best in the industry and used that experience to design our solution. All with the focus of reporting in the most efficient and economical way to stakeholders and the regulator.