Moore Stephens LLP has today launched a much needed solution to meet all Solvency II reporting for the UK insurance sector.
Launched at a Moore Stephens seminar at the Baltic Exchange, the SII engine is one of the few fully integrated tools for Solvency II currently in the UK.
The engine will help insurers automate all Standard formula calculations for Pillar I and all reporting for Pillar III.
The SII engine is ‘rules based’ and entirely flexible to handle Internal Model firm’s Pillar III reporting requirements, including Lloyds syndicates SII reporting. Furthermore, SII engine is capable of calculating stress test results, SII technical provisions, capital projections and, KRI’s within a single environment, all of which are key input for Pillar II ORSA reporting.
Partnering with Asseco, one of the top European software vendors, Moore Stephens have combined their extensive expertise and track record within general insurance, with Asseco’s 30 years’ experience delivering specialist IT solutions.
With just three months to go to the implementation of Solvency II, a key requirement of the regulation is for firms to have a long-term strategic vision beyond regulatory compliance mentality. The Moore Stephens solution keeps the cost of on-going SII compliance at a minimum, and ensures firms comply with all future requirements and possible amendments.
The SII Engine launched in Europe earlier this year and has already been used by over 35 companies to submit more than 150 annual and quarterly Solvency II reports. Contained within a single environment, the SII Engine can also be used alongside existing data and systems structures.
Omar Ripon, partner at Moore Stephens LLP, says:
“We believe the SII Engine is the best integrated Solvency II reporting tool. It effectively provides a complete solution for Pillar 1, 2 and 3 reporting that meets regulatory standards and benefits internal operational efficiency requirements. We are pleased to partner with Asseco who have a proven track record of successfully implementing the tool across Europe.
“By automating the data sourcing process, the burden of manual data management and sourcing is significantly reduced, with the SII Engine halving the time taken to complete reporting, thereby allowing companies to be much more efficient as well as significantly reducing costs.
Bo Ørskov, Partner and EVP of Asseco, also says:
“The SII Engine is a proven and tested solution, which has already been implemented in several companies and it has successfully been used to submit annual and quarterly reports during the EIOPA dry-run preparatory phase.
“We are pleased to have worked with Moore Stephens to bring SII Engine to the UK, whose experience and expertise of the UK market has been essential to develop a tool that adds true value to the non-life insurance sector.”
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