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European Life Insurer Increases Operational Efficiency in Solvency II QRT Reporting using Invest|Pro

The Ireland subsidiary of a global Fortune 500 life insurance company has implemented the Invest|Pro™ platform from Financial Risk Solutions (FRS) to streamline operational efficiency and reduce risk in their Solvency II QRT (quantitative reporting templates) reporting.

The Governance, Risk and Compliance (GRC) solution provides:

  • Efficient production of QRTs
  • Comprehensive audit trail
  • Significant risk reduction
  • Solvency II Unit Matching

Based in Dublin, the subsidiary provides life insurance, health and protection products, and mutual funds, as well as personal, property and casualty insurance services across Europe.

The client required a robust solution for producing Solvency II QRTs each quarter. Rather than attempt to manage a series of complex spreadsheets, they turned to FRS to design an efficient and simple, task-based Solvency II reporting Operating Model solution on the Invest|Pro™ platform that would require little user interaction.

FRS is trusted by its clients in the life and pensions industry to deliver customised GRC solutions that don’t distract from day to day business.

FRS CMO Frank Carr said: “Our clients operate in diverse and complex environments and our ability to install our industry-specific software to meet their unique setup and needs is what sets us apart from the competition. This implementation of Solvency II Reporting demonstrates not only the technical expertise of our team but also our focus on reducing operational risk and costs for all of our clients.”

The challenge for this Invest|Pro™ implementation was in designing a solution that could compile the appropriate data to produce Solvency QRT reports in a timely and accurate manner. Without their normal day-to-day valuation data being on Invest|Pro™, this data had to be uploaded from several different sources. Sometimes the data was found to be contradictory and required complex logic to configure and identify which data is correct for different scenarios.

The FRS team designed a streamlined Solvency II asset reporting Operating Model that would reduce the QRT production into a simple task-based solution. The Solvency II Operating Model was designed to run over several working days, to source all the relevant data required for the QRTs, some of which would normally be included in the standard Invest|Pro™ valuation results.

Several Invest|Pro™ Analytics web reports were added to assist the user in reviewing and ensuring the data is correct. Additionally ‘override’ exception tasks were added to allow the user to upload ‘correct’ data where it has been deemed the original sourced data is incorrect.

The project was implemented in 2017 and Invest|Pro™ continues to produce the QRTs successfully each quarter, with the client benefiting from:

Efficient production of QRTs

Automated data aggregation combined with a simple task-based Solvency II Operating Model saves considerable time and human resource each quarter in the production of QRTs.

Comprehensive audit trail

Invest|Pro™ provides a robust audit trail of all data used in the production of QRTs. All previous quarter data is stored on the Invest|Pro™ system, it is also archived, and date stamped. All changes made to data points are tracked on Invest|Pro™.

Significant risk reduction

Having an all-inclusive task-based Solvency II Operating Model on Invest|Pro™ greatly reduces the risk of human error from manual processes while exception override tasks allow users to correct data where needed.

Solvency II Unit Matching

FRS provides Solvency II Unit Matching for timely and accurate visibility of the exact funding positions in each fund or consolidated across all funds. Regulators like to see automated robust systems in place to manage unit matching accurately particularly systems with a general ledger at their core.

Celebrating 20 years in business, FRS has been shortlisted in the 2019 Insurance Asset Management awards for Best Solvency II Tech Solution.

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