SAP has released a new rapid-deployment solution designed tohelp insurers located or doing business in the European Union (EU)meet the stringent reporting requirements of the Solvency IIDirective and its fast-approaching deadlines. The SAP Solvency II Regulatory Reportingrapid-deployment solution provides a cost-effective fast trackfor insurance companies to make public disclosures throughregulatory reporting as required under the far-reaching mandates ofSolvency II. In turn, the improved transparency will also helpEuropean officials better determine compliance and enforcement ofthe new regulation, SAP says.

As pending deadlines draw near, Solvency II regulation willrequire insurers located or doing business in the EU to calculateand document solvency through detailed public reports and audits. Anumber of businesses will likely have difficulty meeting therequirements. Business analysts say that the changes required willbe monumental, with the potential to cost insurance companiesbillions to redesign their infrastructure and policies and traintheir workforce. The SAP Solvency II Regulatory Reportingrapid-deployment solution is intended to streamline this entireprocess to ensure compliance.

Built by insurance experts and tested by consultancy firms suchas Accenture and PWC, this SAP solution helps insurers reengineertheir reporting processes. Pre-configured quantitative templatesand reliable data sets pooled from multiple source systems are keyin generating detailed reports quickly, SAP says.

SAP Rapid Deployment solutions are designed forcustomers to go live within 12 weeks or less through a completepackage of preconfigured software, implementation services, contentand end-user enablement. They provide a fixed price and scope forinitiating new technology or meeting regulatory requirements likeSolvency II.