BearingPoint Listed As a Specialist Vendor for Solvency II Solutions

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Insurance reporting: Industry and IT analyst firm Gartner evaluates BearingPoint’s software ABACUS/Solvency II as “excellent” for its Solvency II Coverage Support for Pillar 3 (reporting aspects).

Renowned analyst firm Gartner has evaluated management and technology consultancy BearingPoint (http://www.bearingpoint.com) as a provider of reporting solutions in their recent report on the assessment of Solvency II software vendors. The reporting solution ABACUS/Solvency II that BearingPoint has developed was rated as “excellent” for its Solvency II Coverage Support for Pillar 3 (reporting aspects). With this software, BearingPoint supports insurance companies implementing the upcoming EU-regulations. In total, Gartner examined 24 companies for the report.

"We are very pleased about the recognition of our Solvency II solution. We believe this shows that we are on the right track to facilitate and support the implementation of Solvency II," says Patrick Maeder, Partner and firm-wide Insurance Segment Leader at BearingPoint. “The requirements for regulatory reporting will continue to be demanding. Therefore, we continuously develop our solutions in close cooperation with our customers, insurance associations and the regulatory authorities. The aim is to constantly expand our leading position through our expertise in both reporting and technical development, to assist insurers with their current regulatory challenges and also help as regulatory challenges changes in the future."

ABACUS/Solvency II allows efficient registration, consolidation, evaluation and transmission of Solvency II reports.

With our ABACUS/Solvency II software solution, BearingPoint supports insurers with the substantial requirements of the upcoming legal guidelines, for example, the future complex quarterly and annual reports. As a pan-European reporting solution, ABACUS/Solvency II enables full reporting according to the new EU directives in standard and country-specific requirements including the creation of all the templates according to EIOPA (European Insurance and Occupational Pensions Authority). It is based on the successful, well-established technology platform ABACUS/DaVinci, which is already widely implemented in the banking sector.

“In order to implement the requirements of Solvency II in a timely and efficient manner, insurance companies need to adjust their overall reporting strategy. With software solutions such as ABACUS/Solvency II, they can save costs in development, implementation and maintenance, and ensure compliance with regulations. In addition, requirements can be integrated consistently and enterprise-wide in the diverse and complex IT environments of each insurer,” says Juergen Lux, Partner at BearingPoint and responsible for the ABACUS solutions.

The full Gartner Report “There’s No Easy Way Through the Solvency II Software Maze” is available here: http://gtnr.it/175u66V.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

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Alexander Bock
BearingPoint
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