Vizor Automates the Solvency II Process for Insurance Supervisors

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Leading regulatory supervision software provider adds new features to solve the technical challenges of Solvency II Supervision

New Solvency II Solution Features from Vizor
Many of these new features came out of an implementation we did with one of the oldest, largest and most historically significant central banks in the world.

Vizor, the leading regulatory supervision software provider, today introduced new features that help Insurance Supervisors meet the comprehensive programme of regulatory obligations required by Solvency II with one, out of the box solution.

Chief among these is the new data collection, validation, and plausibility checking system - an integral part of Solvency II requirements.

“Already trusted by Financial Regulatory Authorities around the world for the collection and validation of highly complex data from Financial Institutions, we are very excited to be offering an out of the box solution for a programme of regulatory requirements as comprehensive as Solvency II,” remarked Conor Crowley, Managing Director and Vizor co-founder. “Many of these new features came out of an implementation we did with one of the oldest, largest and most historically significant central banks in the world.”

Vizor Software for Solvency II Supervision will help Insurance Supervisors and Regulatory Authorities gain significant efficiencies from the implementation of Vizor’s Solvency II data collection templates and XBRL taxonomy configuration.

Solution Highlights include:

  • Collect & validate quantitative (QRT) data in XBRL format from insurance undertakings.
  • Collect and validate qualitative data, such as ORSA, from insurance undertakings.
  • Review, analyse and approve XBRL and other submissions within a single ‘Supervision Centre’ application.
  • Assess undertakings’ SCR/MCR, System of Governance, ORSA, and other submitted information.
  • Analyse, aggregate, summarise and publish quantitative data.
  • Validate data against EIOPA defined rules, as well as additional plausibility rules.
  • Share data with other supervisors and EIOPA using XBRL.

To learn more about Vizor Software, including the Vizor for Solvency II, please visit the Vizor website, and follow Vizor on Twitter and LinkedIn.

About Vizor
Since 2000 Vizor Software has been the standard for financial regulatory technology. Leading the way in regulatory supervision software, Vizor is trusted by Central Banks and Financial Regulators from around the globe for the collection and validation of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 20 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems. To learn more about how Vizor Software, please contact us, visit our webpage or follow Vizor on Twitter, LinkedIn, Google+ and Pinterest.

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Tara Landry
@vizorsoftware
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