SAP has released a new rapid-deployment solution designed to help insurers located or doing business in the European Union (EU) meet the stringent reporting requirements of the Solvency II Directive and its fast-approaching deadlines. The SAP Solvency II Regulatory Reporting rapid-deployment solution provides a cost-effective fast track for insurance companies to make public disclosures through regulatory reporting as required under the far-reaching mandates of Solvency II. In turn, the improved transparency will also help European officials better determine compliance and enforcement of the new regulation, SAP says.
As pending deadlines draw near, Solvency II regulation will require insurers located or doing business in the EU to calculate and document solvency through detailed public reports and audits. A number of businesses will likely have difficulty meeting the requirements. Business analysts say that the changes required will be monumental, with the potential to cost insurance companies billions to redesign their infrastructure and policies and train their workforce. The SAP Solvency II Regulatory Reporting rapid-deployment solution is intended to streamline this entire process to ensure compliance.
Built by insurance experts and tested by consultancy firms such as Accenture and PWC, this SAP solution helps insurers reengineer their reporting processes. Pre-configured quantitative templates and reliable data sets pooled from multiple source systems are key in generating detailed reports quickly, SAP says.
SAP Rapid Deployment solutions are designed for customers to go live within 12 weeks or less through a complete package of preconfigured software, implementation services, content and end-user enablement. They provide a fixed price and scope for initiating new technology or meeting regulatory requirements like Solvency II.