We quickly realized that the pre-mapped Excel templates based upon the QRTs provided by UBPartner, combined with our experience of regulatory reporting, removed the need for our insurance customers to understand the complex XBRL syntax
Paris (PRWEB UK) 7 July 2015
Last summer Actélior (http://www.actelior.com), a leading French actuarial firm, was looking for a way they could help their clients prepare for the new Solvency II reporting requirements, which were looming on the horizon. They needed a simple way to collect the required data that was both user-friendly and efficient; and also needed to convert the data into the new XBRL standard that the French regulator was adopting as part of the European framework established by EIOPA.
They researched what was available from both local French and other European suppliers and found that UBPartner’s XBRL Reporting Toolkit (http://www.ubpartner.com) fitted their needs best. A year later, UBPartner and Actélior are pleased with the results and are expanding their services to more clients.
Simple XBRL Reporting
“Beyond our usual actuarial support, Actélior has for years been supporting insurance firms in the preparation of their yearly and quarterly regulatory reports. Our experience shows that these firms do not want complicated systems, nor do they have the manpower to implement and manage the level of change required by new reporting standards, such as Solvency II. They need to focus on their strategy and risk management and do not want to have to learn technical standards like XBRL,” stated Pascal Muzelle, President of Actélior.
“We quickly realized that the pre-mapped Excel templates based upon the QRTs provided by UBPartner, combined with our experience of regulatory reporting, removed the need for our insurance customers to understand the complex XBRL syntax. They could focus on collecting and, analyzing the data; then simply load it into the template and run the XBRL Converter Tool to have a 100% compliant XBRL document.”
“The software can be used directly from Excel, which allows for a quick implementation and it provides a clear summary of any identified errors with their location, so that users can see any issues highlighted in the templates with which they are familiar with. There was no need for expensive training or integrated systems and the XBRL Converter Tool could be directly plugged into our reporting tools, at a fraction of the cost of other French XBRL software providers.” he went on to say.
Removing the headache of XBRL
“Our consultants have extensive experience of European financial services reporting frameworks, CRD4 and Solvency II, plus in-depth knowledge of XBRL. We have used this to take the hard work out of having to prepare reports for Solvency II” said Roger Haddad, President at UBPartner “The software platform we have developed has been proven and tested on some of the largest and most complex XBRL projects. However, the XBRL Reporting Toolkit also has a very small IT footprint that allows it to be rapidly deployed.”
Unlike other solutions, the user can remain completely in Excel without the need to transfer data backwards and forwards to yet another tool. In addition, the XBRL reporting Toolkit can be used standalone or integrated into a more formal enterprise quality control structure; enables multiple users to work independently on parts of the process while continuing to operate in an excel based environment; and all without expensive license costs.
XBRL (eXtensible Business Reporting Language)
XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and numerous government agencies. The XBRL standard is maintained by XBRL International: http://www.xbrl.org
Actélior is an actuarial consultancy firm founded in 1999, based in Lyon and Paris, and fully owned by its managers. It specializes in Health, Protection and Payment Protection Insurance. Actélior provides actuarial, technical, organizational and regulatory competence services to French and European insurance companies, from the smallest organization to multinational companies.
Actélior has been working for years with numerous insurance firms on their Solvency II project, from the Pillar I calculations to narrative reporting and general assistance around corporate governance and audit. Actélior is also working directly with several Insurers federations to propose practical solutions to complex issues such as Solvency 2.
For further information, visit http://www.actelior.com or contact actelior(at)actelior(dot)com
UBPartner is a privately owned company with headquarters in Paris and offices in London. It provides a full suite of solutions and services that enable companies and regulatory agencies to realize the benefits of XBRL – from the underlying processing engine, to desktop development and deployment tools, all the way to packaged solutions for regulators and government agencies.
UBPartner technology and tools are used today in many advanced and demanding XBRL environments such as market regulators, government agencies and major corporations in France, Belgium, UK, Ireland, Poland, Norway, and Luxembourg and by leading software vendors, such as Oracle, SAP and Infor.
For further information, visit http://www.ubpartner.com