Solvency II Reporting, Made Simple
Preparing for the new Solvency II requirements, may look scary at first. The new reporting framework includes greater data requirements, more quality checking and a new format, XBRL. However with the right tools and implementation partner the process can be made much simpler. UBPartner has used its extensive experience in XBRL to develop a set of Tools that can be installed in minutes and used by anyone with basic Excel skills.
No XBRL Knowledge Required
- The UBPartner solution combines pre-built and tested templates, based upon EIOPA’s QRTs, with a set of tools that convert and validate the relevant data into XBRL, so that users find it easy-to-use and simple to understand.
Continuously updated and tested
- As the compliance rules change and hence the XBRL taxonomy changes, UBPartner will provide the necessary updates to the templates, having fully tested them with regulators.
- The UBPartner tools and templates can be integrated into an existing application using the Software Development Kit (SDK) or users can work in using the Excel Add-in.
- The XBRL Toolkit has also been designed to be simple to deploy and can be extended to support additional entities without major upgrades.
Looking for an alternative to EIOPA’s T4U?
EIOPA provided T4U to help local regulators (NCAs) and undertakings get started with XBRL reporting. However, EIOPA only planned to support T4U during the ‘initial phase of SII’. So EIOPA does not plan to release any further updates, effectively ending the tools life from the summer of 2017.
A problem or an opportunity?
Many firms have found that the T4U system was complex to install and maintain. It also did not have a XBRL Processing Engine to fully validate the submissions, nor did it support the local National Specific Templates. So replacing it could be an opportunity for firms to implement a solution that could enhance the reporting process.
There is a low-cost and simpler alternative; one that can be fully integrated into existing applications and workflows, that supports all of the local NSTs and has an advanced validation engine that, is both fast and 100% compliant – find out more here
Burden or Benefit
UBPartner has worked with a wide range of organisations, from helping regulators to develop their internal collection and XBRL validation systems; also partnering with leading insurance industry consultants and software developers to deliver complete Solvency reporting solutions; and it has been working at the forefront of XBRL development in Europe for many years.
Our aim has always been the same to help make XBRL adoption a simple and successful experience that enhances the reporting process rather than being a burden.
UBPartner Expertise can Help
UBPartner provides a complete range of solutions to regulators, insurance companies, banks and companies having to file tax or accounts in XBRL. Our consultants and support staff have extensive experience and can help to meet any XBRL-based compliance requirement.
XBRL Collection Systems for Every Size and Need
Requirements for XBRL collection systems can vary greatly. Sometimes you just need an XBRL processing engine to embed into an existing infrastructure and at other times you want a complete application that covers the full life-cycle of XBRL document processing.
The needs of smaller organisation’s can also be very different to those of large systems that are collecting 1,000’s or 100,000s of reports. While all organisations face the ‘age-old’ problem of whether to build or to buy a solution.
UBPartner and its network of partners can offer a range of XBRL document processing options that meet most organisations needs from an ‘out-of-the-box’ XBRL application to a single piece of the jigsaw which enhances a more extensive customised solution.
XBRL enabling Existing Systems
UBPartner offers a range of XBRL tools to support the many different aspects of an XBRL project, including: taxonomy development, tagging tools, reporting templates, large volume XBRL document validation and many more. Please refer to the XBRL Product pages for more detail on these.
XBRL Validation Service
XVS is a standalone validation service that can be quickly deployed to add XBRL Processing to any system. Documents can be sent to a message queue or simply loaded into a folder to be processed. It provides a range of validation reports and can be customised to support specific requirements.
XBRL Application Suites
Pre-packaged applications can save money and time. They can also reduce the risks associated with adopting new techniques and technologies. Working with our technology partners, UBPartner can provide XBRL applications that support the complete life-cycle: Taxonomy Management, Reporting workflow, XBRL Forms, and XBRL document analysis.
Small Regulator Systems
Small organisations can quickly configure a robust and cost-effective solution by deploying the UBPartner XBRL Toolkit. It requires less knowledge of XBRL and taxonomies, but has all the functionality required. It can be configured to meet your specific requirements and automated as required.