AFA Insurance is an organization owned by Sweden's labor market parties and insures around 4.5 million employees within the private sector, municipalities and county councils.
Johan Dahlgren, CFO at AFA Insurance, stated: “We opted for ABACUS/Solvency II for two major reasons: It’s a proven solution and it was available as SaaS. So we will be able to achieve a rapid deployment within a few months with customized processes.”
Maciej Piechocki, Partner at BearingPoint, commented: “We are proud that AFA Insurance decided on a BearingPoint solution. This demonstrates the recognition of ABACUS/Solvency II as state of the art in reporting for the insurance industry, and the recognition of BearingPoint as an end-to-end service provider from consulting to software and managed services.”
BearingPoint clients include small, mid-size and large international insurance companies, comprising over 200 reporting entities in 21 European countries. Since the product launch in 2011, BearingPoint has been a leading provider of Solvency II reporting solutions. In 2015, BearingPoint was honored with the Insurance Risk Award for ABACUS/Solvency II as “Best Regulatory Reporting Software.” In May 2016, BearingPoint clients across Europe went live with the first wave of Solvency II reports.
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 an Europe-wide network of Solvency II consultants. Furthermore, revisions due to regulatory changes are performed centrally within Abacus, helping insurers avoid the need for continuous adaptations and testing in-house. This feature is appealing not only to global players, but also to small and mid-size insurers across Europe who otherwise face the cost and risks of trying to “go it alone.”
About ABACUS/Solvency II
ABACUS/Solvency II facilitates an audit-proof, end-to-end Solvency II compliant reporting workflow from data import, to validation, sign-off process and transfer of Quantitative and Qualitative Reports in XBRL format. The product is based on BearingPoint‘s proven Abacus platform which is widely used by companies across Europe to meet their reporting requirements under Basel III, EMIR and other directives. BearingPoint works closely with insurers and regulators as part of its continuous development of Abacus, helping it stay at the forefront in reporting system technology and expertise.
For more information about ABACUS/Solvency II, please visit: www.abacus-solution-suite.com.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success.
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