Software maker SAP AG announced Monday it is offering what it calls a "rapid deployment solution" for insurance companies who will need to meet the European Union's Solvency II reporting standard for capital adequacy and risk management.
The product "helps insurers reengineer their reporting processes more quickly," Walldorf, Germany-based SAP stated in a press release.
The Solvency II directive will go live for supervisors and the European Insurance and Occupational Pensions Authority (EIOPA) next June while the requirements are scheduled to replace the Solvency I requirements on Jan. 1 2014, according to the website of Britain's Financial Services Authority.
Two years ago, the Office of the Superintendent of Financial Institutions (OSFI) said the Canadian regulator will wait before deciding which elements, if any, of Solvency II will apply in Canada.
However, in Europe, the rules will apply to all insurance firms with gross premium income exceeding 5 million Euros or gross technical provisions in excess of 25 million Euros, according to FSA. Solvency II will apply to balance sheets, risk-based capital, own risk and solvency assessment, senior management accountability and supervisory assessment.
SAP says its product is designed to provide a “fast track for insurance companies to make public disclosures through regulatory reporting as required under the far-reaching mandates of Solvency II.” It includes pre-configured quantitative templates and data sets pooled from multiple source systems.
“They provide a fixed price and scope for initiating new technology or meeting regulatory requirements like Solvency II,” SAP stated.
The product will also generate reporting templates and create Report to Supervisor (RTS) and Solvency and Financial Consolidation (SFCR) reports, SAP says.
SAP has a web form for users looking for specific pricing, depending on whether they already use SAP’s Financial Consolidation or Planning and Consolidation software.