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When implementing the Solvency II Standard Formula, insurers are finding that calculating their Solvency and Minimum Capital Requirements (SCR and MCR), and Risk Margin is not simple.
Add to this the governance and workflow for each risk type, ensuring modelling processes and risk calculations are running on time and based on validated data, insurers can feel confident that ongoing compliance and supervisory review will be efficient.
Having all this is in one proven solution eases the stress of bringing about the positive change intended by the Solvency regulations.
With eFrame® for Insurance Solvency II Standard Formula, insurers can smooth the flow and ensure the governance of data for solo and group reporting. With its taxonomy driven data model, every data point necessary to complete the quantitative reporting templates (QRTs) is identified and can be mapped within the organization, bringing confidence that the regulatory submissions and business intelligence derived from them will be dependable.
The solution manages aggregations at group and local/solo level, and complements the pre-existing IT landscapes within insurance groups. It is already in production in multi-country insurers with many legal entities and complex IT landscapes. A number of our clients are also applying for internal model approval.
Features and Functions
The solution manages multiple reporting environments and has built-in workflow and governance to manage efficiently the requirements of Life, P&C, Market, Credit and Operational risks for Solvency II and business reporting. It also:
- Understands and manages the imperatives and critical paths of Solvency II Standard Formula reporting time-windows across the IT and business landscape
- Interacts with other systems to automate the extraction and load of data from sources outside the solution
- Prompts for approval of data sets, for data governance purposes
- Triggers the calculation formulas held in external systems (such as modelling tools and spreadsheets) that need to be applied to the data
- Creates an audit trail of everything that happened along the way.