Mazars and UBPartner Work Together to Make Solvency II Easy to Digest for Nestle

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Nestle has established its own insurance services arm (IPN) to support its global business, however it found that it was also required to report in XBRL under the new European Solvency II directive. Nestle asked Mazars for trusted advice and called in UBPartner to help to deliver the XBRL component of an end-to end solution.

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We had not worked with UBPartner before but we were able to see how well they fitted with Nestlé’s requirements for easy-to-use software.

Nestle’s specialist insurance arm, Institution de Prévoyance Nestlé, found itself subject to the new Solvency II directive like many insurers across Europe. They asked Mazars, an international organisation, specialising in audit, accountancy, tax, legal and advisory services to help them with the business requirements and asked UBPartner to help them with XBRL tools and services. Nestle, Mazars and UBPartner worked closely together combining their mutual skills to deliver 100% compliant Solvency II reports, on time and on budget.

The right help at the right time

“We provide insurance services across the global group of Nestle companies. After learning that we needed to adapt to the Solvency II compliance rules, we wanted help to understand what was required and advice on what we needed to do” stated Christian Gallarte, Accountant at IPN Nestle. “Mazars is an experienced advisor and is well versed in the Solvency II directive requirements from a business point of view. We also needed help to generate the required XBRL reports. UBPartner has an excellent reputation in this area and works closely with the local regulator, so they were an obvious choice. In addition they have developed a set of tools specifically for Solvency II, which removes all the hard XBRL work from the process”.

Combining Complimentary Skills

“Many of Mazars’ clients have asked for advice on the new reporting requirements posed by Solvency II. It represents a significant change to the data they collect and the way they report it. We had not worked with UBPartner before but we were able to see how well they fitted with Nestlé’s requirements for easy-to-use software. Furthermore, they showed their technical excellence and responsiveness to customer requests.” said Gaëtan Guillotin, senior actuarial consultant for Mazars.

“XBRL is changing the way firms have to report data across Europe. It helps data quality and enables much greater automation of financial disclosures, however, it is not something that business users should have to know about.” said Steve Berdah, CTO at UBPartner “It is up to XBRL experts, like UBPartner, to enable this important new standard to be as accessible as possible. Our XBRL reporting Toolkit does exactly that, using common interfaces like Excel, pre-mapping the business templates and adding capabilities to ensure that users get 100% correct reports.”

“With the UBPartner tools and Mazars’ advice we have been able to walk confidently through the complete process. It has also enabled Nestle to ensure that the information provided to the regulator meets all the requirements and is of the highest data quality. This is how all technology should work.” continued Christian Gallarte.

XBRL (eXtensible Business Reporting Language)

XBRL is quickly 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

About Mazars

Mazars is an international, integrated and independent organisation, specialising in audit, accountancy, tax, legal and advisory services. Mazars and its correspondents operate throughout 87 countries. 73 of these countries are part of Mazars’ integrated partnership and draw on the expertise of over 15,000 professionals to assist major international groups, SMEs, private investors and public bodies at every stage of their development. The Praxity Alliance offers Mazars operating capacity via professional teams in 19 additional countries."

IPN, Nestle

I.P.N (Institution de Prévoyance Nestlé) is an insurance company in charge of covering survivor benefits (including widow and orphan pensions indemnity payments), disability/long term illness (permanent or temporary) for Nestlé France, Cereal Partners France and Centre R&D Nestle

About UBPartner

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

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Martin DeVille
UBPartner
+44 208 995 6917
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Gaëtan Guillotin
Mazars
+33 6 19 14 42 65
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@UBPartner
since: 06/2012
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