ABACUS – Solvency II reporting

To meet the needs of the insurance market, IPOPEMA Business Consulting offers a first-class solution – comprehensive tool ABACUS, designed to help insurance companies to effectively report on the requirements of the new Solvency II regulations. Due to the fact that Solvency II Directive will regulate and harmonize capital requirements in the insurance sector across the European Union, many insurance companies are already taking action to implement tools, which will give them the opportunity to meet the forthcoming requirements of the insurance market supervisory authorities. It should be emphasized that the current IT solutions used by insurance companies are not sufficient enough to meet the Solvency II requirements.

ABACUS / Solvency II provides an effective way of:

  • collection of data at the right time and in appropriate granularity from insurers’ IT systems
  • management of large volumes of data
  • consolidation and verification of data at the appropriate level
  • preparation of reports required by Solvency II
  • acceptance of reports at the appropriate level and sending them to supervisors

ABACUS / Solvency II offers insurers a number of key benefits:

  • continuous updating of the tool to help comply with the evolving requirements of supervisors
  • reduced Solvency II implementation cost by leveraging a defined QRT data architecture
  • economies of scale - lower cost of development and maintenance due to sharing across multiple insurance companies
  • flexibility and ease of use to integrate with the insurers’ diverse and complex IT environment 
  • highly-responsive support team and knowledgeable consultants Europe-wide

ABACUS was developed by BearingPoint - the official partner of IPOPEMA Business Consulting. The tool is based on the technology of ABACUS/ DaVinci, which applies to reporting on Basel II and has successfully been implemented in several international banking institutions.

If you would like to find out more information about our services in respect of Solvency II reporting/ ABACUS implementation and how our services could benefit your company, please contact.