In response to the impending deadline of Solvency II, after which insurance companies based or doing business in the EU will be required to calculate and document solvency through detailed public reports and audits, SAP has announced a new programme that will ease the scramble to redesign infrastructure and retrain staff to cope with regulatory demands.
SAP’s Solvency II Regulatory Reporting rapid-deployment solution “helps insurance companies meet the stringent reporting requirements of the Solvency II directive and its fast-approaching deadlines”.
The programme streamlines the reporting process by helping insurers re-engineer their procedure quickly and with relatively low costs. The programme, which was built by insurance company experts and tested by consultancy firms such as Accenture and PwC, is designed to go live within 12 weeks and includes pre-configured software, implementation services and content and end-user enablement.
SAP, Solvency II, regulation, Europe