Insurance Case Study: How to achieve 5 days earlier Reporting to NCAs
At Fenion, our mission is to make regulatory reporting as seamless and efficient as possible for our clients. Recently, we welcomed a new institutional client, who – after switching to Fenion’s regulatory reporting solutions – achieved the ability to report 5 days earlier to National Competent Authorities for Solvency II compliance.
This accelerated reporting timeline underlines, how our dedicated approach and advanced processes can provide a significant competitive edge for insurers. By handling the collection, validation, look-through and delivery of Solvency II TPT files and QRT reports, as well as performing tailored quality checks, we’ve helped our client to meet their regulatory deadlines well ahead of time.
Key Performance Metrics:
- Number of Lines in Output File: > 500,000 lines processed and validated for submission.
- Number of Funds: 700 – 1.000 funds, handled seamlessly within our regulatory framework.
- Processing Time: Approx. 1 minute, enabling rapid data validation and report generation
- Error rate: 0%
Highlights of the Partnership:
- Accelerated Data Processing for Timely Reporting: With Fenion’s automated and streamlined data validation processes, our client can ensure their data is prepared, verified, and finalized faster, allowing them to report to NCAs 5 days earlier than in previous reporting periods.
- Custom Quality Assurance: Tailored quality checks ensure each report meets strict regulatory standards, significantly reducing time spent on data management and ingestion.
- Optimized Resource Allocation: With Fenion taking on the complexities of Solvency II reporting, the client’s internal teams can redirect their focus to high-value tasks.
Looking for a more streamlined approach when it comes to Solvency II reporting? Connect with us to discover how you can benefit from our solutions.
