Management and technology consultancy BearingPoint announced the signing of a contract with Zurich Insurance Group for the implementation and use of BearingPoint's ABACUS/Solvency II reporting solution for 25 affiliates.
This standard software package enables comprehensive regulatory reporting in accordance with the new Solvency II requirements in the EU.
It is built on BearingPoint’s ABACUS solution suite that is widely used in European countries to address Basel III, EMIR and further regulations. ABACUS/Solvency II comprises data collection, validation, preparation and Solvency II supervisory reporting.
As a standardized solution, it offers a process flow aligned to the specific requirements of Solvency II. Thus, ABACUS/Solvency II helps reduce software development and deployment costs as well as associated risks.
ABACUS/Solvency II will be deployed across Zurich entities subject to Solvency II requirements. This includes subsidiaries in Austria, Germany, Great Britain, Ireland, Italy, Luxembourg, Portugal and Spain.
Dr. Monty Cachej, Head of Solvency II PMO and Solution Management at Zurich, commented: "Choosing an established, reliable solution reduces both risk and the total cost of ownership for Zurich."
BearingPoint’s pan-European reporting solution offers a number of additional benefits to insurers: flexible data consolidation across complex IT landscapes, statutory and management reporting functions including XBRL, multi-language capability, as well as a Europe-wide network of Solvency II consultants.
Zurich is a leading multi-line insurer that serves its customers in global and local markets. With more than 55,000 employees, it provides a wide range of general insurance and life insurance products and services.