Solvency Reporting and ORSA Dashboards in a Simpler and More Automated Way
PARIS, May 4, 2022 (Newswire.com) - UBPartner (www.ubpartner.com) is working with Valucor (valucor.com), an actuarial consulting company, and Catalyst BI (https://catalyst-bi.co.uk), a data management, data analytics and data science specialist, to help simplify the production of Solvency II reports, implement Management Information Systems and enable targeted risk analysis under the ORSA framework for European insurance companies.
Installing and maintaining software, acquiring the required skills and knowledge of XBRL conversion systems for mandatory Solvency II reporting purposes, plus implementing Management Information Systems can be a major cost and distraction for insurance companies. Valucor is helping their clients to make the process easier and reduce the costs, while also ensuring 100% compliance.
Simplifying Solvency and ORSA Reporting
"Valucor has been assisting our clients to prepare their Solvency II reports using UBPartner's XT Cloud Service," stated Thomas Gisler, Managing Director at Valucor (FL) AG, "It quickly enables us to extend our actuarial services and work collaboratively with our clients and to simplify their Solvency reporting. We also collaborate with several clients on their internal ORSA reports and management dashboards within their risk management framework as well as risk reporting systems. The new system based upon the XT Database helps to keep the data up-to-date and to visualize trends and potential issues in a more effective way. We support our clients in transforming their data architecture, combining it with the versatile technology of UBPartner and Catalyst BI, enabling management to have full control of data and visualize it according to their needs for decision-making purposes."
Quantum Life Ltd. is one of the first customers to adopt the solution. The system has been tailored for them by Catalyst BI, which helped Valucor produce the Qlik Sense interface and to enrich the data with data extracted from the company's internal systems.
"We have been really happy with the process and the service that the new dashboard delivers," commented Christopher Hurford-Green, Member of the Executive Management of Quantum Life Ltd. "We can focus on the analysis of Solvency II results and delve deeper into the detailed scenarios that may affect the company's future solvency, without incurring the cost of acquiring the skills and setting up the systems ourselves. In addition, we have an overview of our portfolio of insurance policies and can undertake detailed analysis on profitability, reserving and other key metrics."
XT Database and Qlik Sense unlocking the wealth of XBRL data
"The UBPartner XT Portal was built with simplicity and flexibility in mind and to make Solvency II reporting as hassle-free as possible. The XT Database complements this by making it quick and simple to store the XBRL data and enable standard Business Intelligence tools to access and analyse the data," explained Martin DeVille, VP, Business Development at UBPartner.
"UBPartner provided us with a simple set of reporting tables. Our experienced consultants then developed a set of dashboards from the base Solvency II data as directed by Valucor and UBPartner. We then customised these and added source data from Quantum Life's internal systems to provide a set of interactive, custom Dashboards with actionable insights," stated Stefano Rabbiosi, Account Director at Catalyst BI Ltd.
About Solvency and ORSA
The Solvency II Directive requires insurance companies to provide regular supervisory reports on their solvency and financial condition. In addition, firms are to conduct an Own Risk and Solvency Assessment (ORSA) as part of their risk management procedures at regular intervals. Further details can be found on EIOPA's website - https://www.eiopa.europa.eu/tools-and-data/supervisory-reporting-dpm-and-xbrl_en.
About Valucor
Valucor is based in Zürich, Switzerland, and in Liechtenstein. It offers actuarial consulting, project consulting and Solvency II reporting services to insurance companies.
For further information, visit valucor.com.
About Catalyst BI
Catalyst BI challenges organisations to unlock insights, drive performance and create value by bringing people and data together. Their award-winning and innovative team has delivered successful solutions and services to over 450 customers, across a range of public and private sector organisations. Through their specialism and expertise, their commitment to leveraging the latest technologies across Data Management, Data Analytics and Data Science continues to help accelerate business value and deliver a world-class partnership to their customers.
For further information, visit https://catalyst-bi.co.uk.
Contact information:
Martin DeVille, VP Business Development: mdeville@ubpartner.com
Source: UBPartner
