3-Pillars on a single platform for more reliable and cost-effective regulatory reporting.
Benefit from our expertise to stay compliant with EIOPA's requirements!
Key benefits of our Solvency II solution as strategic choice.
As specialist vendor SecondFloor developed its market leading solution to support all 3-pillars within its risk and regulatory reporting software platform.
The implementation of EIOPA Delegate Act in a reliable calculation model requires a good understanding of the regulation. And the devil is in the details. It makes good sense to share the cost of the Standard formula implementation with other insurers.
Our Pillar-1 implementation of the EIOPA Delete Act to support the Standard Formula is an open model where all calculations can easily be reviewed. All our customers benefit from the wide usage and review of the model to provide the highest quality.
Preparing the data for the reporting can be cumbersome, especially when errors are not detected timely and the actual system support is insufficient. As a result time consuming manual interventions and/or corrections are required with a major risk for new errors and more re-work.
SecondFloor developed a parser to ensure high quality EIOPA taxonomy support throughout its platform. As a result we can offer more enhanced validations and reduce reporting efforts. We automatically update the solution to the latest EIOPA taxonomy, whilst offering continued support for previous versions.
The reliable combination of quantitative and qualitative reporting is a key topic to support all 3-Pillars from a single platform. It is not uncommon that the disclosure reporting becomes a manual process to merge the qualitative data and narratives in the final reports.
In a streamlined reporting process the qualitative reporting would be integrated into the reporting process, and benefit from the system support of the reporting platform. SecondFloor developed its Disclosure Manager as an integral components of the risk and regulatory reporting platform to facilitate disclosure and ORSA reporting.