Oracle announces the availability of Oracle Insurance Quantitative Management and Reporting forHyperion Financial Management, a new application that streamlines compliance with Solvency II reporting mandates andenables carriers to better manage risk, finance and capital.

As part of the Solvency II regulation, European insurers mustprovide quantitative management reports to industry regulators,such as the recent Quantitative Impact Study 5 (QIS5) and pendingQuantitative Reporting Templates (QRT). Oracle InsuranceQuantitative Management and Reporting helps insurers create suchreports automatically, eliminating the need for labor-intensiveprocesses and error-prone manual spreadsheets.

The application automatically downloads and collates financial,capital and risk data from multiple sources, including auditablespreadsheets and manual inputs where needed. Oracle InsuranceQuantitative Management and Reporting then provides currencytranslation, intercompany elimination, and equity elimination andreconciliation.

Additionally, the solution includes built-in validationroutines—including cross checks on input data—increasing accuracyand highlighting inconsistencies early in the process. It alsoprovides automated workflow for standardized and auditable approvaland sign-off.

“Business demands and regulations are driving insurers toimprove their risk and financial processes and reporting systems.Oracle Insurance Quantitative Management and Reporting for HyperionFinancial Management is an ideal solution for meeting thequantitative reporting requirements of Solvency II, with automatedreporting, audit trails and dashboards,” says Glenn Lottering,senior director, EMEA insurance product strategy and salesconsulting. “The application not only helps insurers comply withindustry regulations, it helps provide the insight that executivesneed to improve risk management, make better-informed businessdecisions, and ensure financial stability over the longterm.”

The application gives insurance executives and managers insightinto risk and capital information with reporting tools such as riskdashboards and key performance indicators. In addition, OracleInsurance Quantitative Management and Reporting offers aneasy-to-use interface that resembles traditional regulatoryreporting tools (such as spreadsheets), helping to drive useradoption throughout the enterprise.

Oracle Insurance Quantitative Management and Reporting alsohelps simplify the creation of other reports required under theSolvency II mandate, including Solvency Financial and ConditionReports (SFCR) and Report to Supervisors (RSR). The applicationconsolidates the relevant data from multiple systems and provides achoice of output options for final reporting, such as spreadsheetsor flat file. This helps insurers calculate their solvency capitalrequirements quickly and efficiently to meet both internal andregulatory reporting requirements.