Many insurers often cite the challenges of regulatory reporting, but Milliman's Vega solution answers insurers' woes, and for this reason it picks up InsuranceERM's regulatory reporting software of the year award.

Vega has been helping firms since 2012 and is a cloud-based solution that includes functionalities for calculation, reporting and workflow that Milliman says are essential for the secure production of reports. 

The tool is easily accessible across the entire organisation with its multi-user and multi-site solution, which allows all stakeholders involved in production, analysis and validation to get a detailed and global vision of the whole operation.

It also includes an audit trail of all the calculations to facilitate the validation and analysis of the results, as well as a centralised and secure calculation process that facilitates governance, control and transparency in the production of the regulatory returns.

Another highlight of Vega is its innovative eXtensible Business Reporting Language (XBRL) functionality. Vega allows the "XBRLization" of the data as soon as they are uploaded into the tool without waiting for the complete set of quantitative reporting templates (QRTs), leading to a secure reporting process and significant time savings.

Top insurers have been making good use of Vega, with one large insurance group using it for Solvency II ratio calculations and QRT and XRBL production at the solo and group levels.

And if firms ever have any issues, Vega's help desk teams are comprised of IT experts as well as experienced actuaries with Solvency II expertise.

The judges commended this solution as "comprehensive" and praised the "calculation, workflow management and reporting" processes. This delivers "clear benefits," the judges concluded.