From Sleepless Nights to 400+ Insurers: 10 Years of Solvency II Reporting.  

Q: Joris, It has now been 10 years since insurance companies across Europe began reporting under Solvency II. How do you remember that day? 

Joris: I remember it very clearly- including the taxonomy name: “EIOPA Solvency II XBRL Taxonomy version 2.0.0.” 

Before that date, we implemented several complex, on-premise Tier 1 solutions based on Internal Models, while also developing our own standardized SaaS Solvency II reporting platform for the Standard Model. 

By 2015, with our clients — half on-premise and half SaaS, we were naturally nervous about the first filings. We worked long hours, had a few sleepless nights, and stayed ready to support clients instantly. 

The outcome exceeded expectations: 85% first-time acceptance rate, which was exceptional in a year where many encountered major issues. The remaining 15% came mostly from technical issues on the supervisors’ side. It was a huge milestone. 

A Decade of Change: 2016 to 2026

Q: What developments have shaped the insurance industry over the past 10 years? 

Joris: EIOPA, insurers, and solution providers evolved. In 2016 everything was new: taxonomy, the delegated acts, the reporting framework. Over time the annual taxonomy update cycle became predictable, although some years bring bigger changes than others.  

We expect the 2027 reporting cycle to have significant impact, which may even require some insurers to reconsider their reporting systems. 

The solution landscape changed too. In the early days, Tier 1 insurers often relied on highly complex and expensive systems, while mid-sized insurers and captive managers depended heavily on Excel-based actuarial processes. 

Today, Tier 1 insurers are moving toward more governed and cost-efficient SaaS solutions, while mid-sized and smaller entities are transitioning from fragmented toolsets to integrated end-to-end platforms. The Consulting industry are also replacing manual processes with professionalized software. 

The cleversoft Journey: Scaling from 15 to 400+ Clients

Q: What changed at  cleversoft between 2016 and today? 

Joris: In 2016 we had just launched our SaaS Solvency II reporting platform and served around 15 clients. Now we support more than 400 insurance entities across Europe, the UK, the Middle East, and Asia – including IFRS 17. 

Client expectations have evolved significantly. Today, insurers expect: Minimal to zero implementation time, strong end-to-end governance, demand for certifications, cloud-based solutions to reduce IT burden, instant support due to shorter reporting cycles, budget predictability, especially around taxonomy updates. From a political perspective, Brexit also introduced complexity, with the PRA gradually diverging from the EIOPA framework. 

Looking ahead: What will The Next 10 Years bring? And what role will AI play?

Q: What do you expect for the next decade of Solvency II reporting in the EU and UK? 

Joris: Solvency II is here to stay. Regulation may simplify or become stricter, but the framework will remain central.  

We also see similar risk-based capital frameworks emerging in other continents. Perhaps one day we may even see a global Solvency II standard. 

As we all know, AI will change in the near future the reporting processes, which is an very interesting development.We are already exploring and testing AI-driven enhancements with key clients to make reporting more efficient, stable, and insightful. These capabilities will mature significantly and unlock further optimization potential. 

With the delegated act expected for 2027, now is the time to review your setup and prepare proactively rather than react under pressure.  

If you want to strengthen your Solvency II processes, let´s talk or join one of our upcoming webinar to get ahead of the curve.  

About Joris van Dam, Sales Director, cleversoft supervisory reporting

Joris was born and raised in the Netherlands. He is happily married and has two grown-up children. He began his international career more than 20 years ago as a project manager, working with insurance companies across Europe and Asia before joining cleversoft. In 2012, he joined cleversoft as a project manager to implement a complex Tier 1 group Solvency II reporting solution focused on the Internal Model. When cleversoft started developing its revolutionary standardized SaaS Solvency II reporting platform in 2014, he took the opportunity to lead its rollout across the European market. Today, more than 400 insurance entities — including IFRS 17 clients — are supported in over 30 countries across Europe, the UK, and Middle East and even Asia, including mid-sized and large captive management organizations.