We needed a simple solution for the new Solvency II reporting framework that our business users can understand and use. With ConVista’s SolVentos system we have been able to prepare and submit our first XBRL reports. (Munich Re)
Paris, France (PRWEB UK) 13 May 2015
The new Solvency II reporting framework requires an integrated approach to ensure that the right data is reported at the right time. To meet these new market requirements, ConVista (http://www.convista.com), a leading insurance systems supplier, and UBPartner (http://www.ubpartner.com), a leading XBRL tools vendor have entered a partnership to provide a Solvency II reporting solution that provides the best of both worlds.
ConVista’s SolVentos system provides support for the complete process of collecting and preparing the relevant insurance data for submission to the local regulator, while UBPartner’s XBRL Reporting Toolkit provides a simple to use interface for converting the data to XBRL format, processing it against the validation rules and preparing the final file for submission.
Simple and Flexible XBRL Reporting
“We selected to work with UBPartner as they have extensive knowledge of XBRL reporting and a set of tools that can be readily integrated into an application.” said Alexander Ritter, ConVista, Managing Partner “Our customers wanted to prepare early for the new reporting framework and BAFIN, the local regulator, was keen to receive some early example reports. We needed to find a solution that was 100% compliant with the XBRL standard and the advanced features of the Solvency taxonomy, but also something that could be implemented quickly and also be flexible to changing requirements as our customer’s requirements developed. The early timescales posed some additional issues as the EIOPA Solva 2 taxonomy is not quite finished, however, with UBPartner’s help we have managed to set up a successful POC in a very short period. We are now developing the system further and have updated the system several times in response to new draft taxonomies with the minimum of fuss”.
Easy to integrate XBRL
UBPartner’s XBRL tools and technology platform are being used by both regulators and companies worldwide. “We offer a range of flexible software tools that make it easy for our customers and partners to adopt XBRL, but equally our consultants have in-depth experience of implementing XBRL systems for a wide range of applications. UBPartner has been at the forefront of XBRL in Europe for many years and, in particular, was a major player in the first round of the Solvency II reporting in France, so we know the requirements well which helps in delivering 100% compliant XBRL documents. Combining this with ConVista’s excellent knowledge of the insurance industry and insurers reporting processes makes sure that it’s a winning formula.” stated Martin DeVille, VP Business Development.
Simple to deploy and use
“We needed a simple solution for the new Solvency II reporting framework that our business users can understand and use. ConVista’s SolVentos system which incorporates UBPartner’s tools provides an Excel add-on integrated in the SAP BW reporting frontend, which we are familiar with” stated Jörg Westphal, Program Manager at Munich Re. “With ConVista’s SolVentos system we have been able to prepare and submit our first XBRL reports”.
“The first round of Solvency reporting was always going to be challenging, but our customers are pleased at how efficiently the process has worked, so far, and this would not have been possible without UBPartner’s dedicated staff and flexible tools.” commented Alexander Ritter.
“The partnership with ConVista has worked very well. They have quickly become very proficient at generating XBRL” added Martin DeVille. “Together we have resolved all the problems resulting from the evolving EIOPA framework and built a robust platform for delivering additional value to insurers.”
XBRL (eXtensible Business Reporting Language)
XBRL is fast becoming the standard for financial information exchange and reporting, as 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
As an owner-managed joint-stock corporation, ConVista Consulting is one of the leading independent consulting companies in the sector of IT-enabled business processes.
Based on SAP, Microsoft, Java and other technologies, the service offering of the group comprises the operationalization of business strategies and process optimization via software integration and software development. Furthermore we offer services in project, quality and change management.
ConVista’s customer base consists of market leading companies worldwide in the insurance, finance and energy industries as well as in the telecommunication, automobile and retail sectors. In total the ConVista Group has more than 350 clients in 22 countries, of which ten belong to the top 30 DAX-companies. In 2013, ConVista generated 63.6 million Euros of revenue.
Founded in Cologne in 1999, today ConVista employs 570 employees in 14 countries on 4 continents.
For ConVista, visit http://www.convista.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 realise 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