In the complex landscape of Solvency II, insurance companies face challenges such as shorter reporting timelines, fully auditable processes and keeping up with regulatory changes. With SecondFloor, your regulatory reporting becomes efficient and effective.
- Regulatory requirements
- Full service including latest taxonomy and regulation updates
- Full Audit trail (Who did what and when?)
- Workflows based on excel allow full control over your data
- On the fly XBRL generation
- Fully managed, cloud based & scalable solution hosted in Europe
Our expertise is developed based on years of experience with custom-build implementation projects for Solvency II solutions such as Internal Model projects within large insurers. This has also led to a standardized SaaS solution, where SecondFloor ensures end-to-end support which covers all regulatory requirements; both from EIOPA as well as local regulators:
- XBRL Taxonomy. We ensure you file according to the applicable taxonomy version; input templates, QRT’s, validations, XBRL output and filing rules are updated in sync with EIOPA’s publications.
- Regulatory guidelines as described in the Delegated Act, Omnibus II and other specifications. We monitor published regulations and implement changes in our corresponding calculation models.
- Four eye principle. Only after approval of two users, the XBRL will be generated.
- Complete audit trail throughout the system. Our software supports a fully auditable process and documents all performed actions in the system: what, when and by whom.
- Besides adhering to EIOPA and local regulator we also support various National Specific Templates.
Solvency II - Regulatory requirements
Our Solvency II solutions are fully serviced and with our SaaS solution there’s no need for installing any additional software or applications. Furthermore, your data is stored in a secure data center in the EU. Or, alternatively, the software can also be hosted at your own location.
Ensuring you file your submission according to the regulator’s standard ánd in time is our main priority. Additionally, we’d like to improve your productivity while maintaining process control:
- Excel input templates available in the system. These include dropdown lists containing values per the effective taxonomy.
- Technical validations. The system validates your data (e.g. predefined values, data format, instrument/LEI code patterns). To quickly resolve any issues, the system instantly creates an overview with detailed information.
- Calculations are transparent. All inputs, calculation models and QRT’s are available for download in Excel format.
- EIOPA validations are part of the QRT’s. You can easily validate the QRT’s (in Excel) before sending the XBRL to the regulator.
- Instant XBRL on your own server. Once you have approved your data, XBRL is generated within seconds, you can repeat this process in case of adjustments in your data.
- Public QRTS and SFCR reporting. Your reporting data can be reused for other regulatory reporting integrated in our system, guaranteeing all your data is in sync and trackable to one source.
- Running multiple scenario’s based on altered input data. Run the regulatory calculations and validations against multiple altered data sets, comparing results to your base (reporting) numbers.
The customization options vary between our standard solution in the cloud and an on-premise solution. But the core remains the same: covering all regulatory requirements, while improving efficiency. Some examples of process improvements we have implemented for clients:
- Input data: option to upload data from various external sources, instead of manual upload. Different formats can be supported as well.
- Calculations: your own calculations can be added in the configuration, but we can also replace parts of our calculations with your specific requirements.
- Company specific validations: next to the EIOPA published validations, you can improve your reporting by adding your own checks.
- Dashboard: the system offers a standard dashboard, comparing current Solvency II data to previous years. We can include a customized Excel dashboard for your company; automating your workflow of producing management reports.
- SaaS or on-premise: Use our solution is available as SaaS from our data center (EU) or installed on-premise within your IT infrastructure.