Invoke FAS Regulatory S2

Best data solution: Invoke FAS Regulatory S2

In an environment where the guidance notes for just one Solvency II filing can run beyond 100 pages, Europe's insurers require failsafe and comprehensive reporting packages.

More than 20% of the underwriters – and 650 in total – used the Invoke FAS Regulatory S2 software system this year for their pillar 3 reports, according to its developer.

It handles local demands, such as country-specific reporting templates and Lloyd's core market returns reporting in the UK, and technical specificities including e-signatures for French and Romanian regulators. It can dovetail with existing IT systems and the fact that four of Europe's largest 10 underwriters use it attests to its resilience in the face of high volumes of complex data.

Invoke FAS Regulatory S2 has two modules. One, a regulatory reporting platform, is configured to encompass Solvency II obligations. The second, a web-portal, manages insurers' disclosure of the various quantitative and qualitative reports to local regulators.

Its primary application is to pillar 3 reporting, but it also helps with the other pillars, for tasks such as calculating solvency and minimum capital requirements under the standard formula; creating Solvency II solo and group balance sheets, capabilities related to the own risk and solvency assessment (ORSA) process, and simulation.

Insurers can also use the package for tasks such as budgets and forecasts, management reporting, and annual accounts. Clients can have Invoke's package installed tactically, to convert their quantitative reporting templates (QRT) from Excel to XBRL, pillar 3's reporting language; to monitor the regulatory calendar; and to validate filings, for example.

A more strategic implementation would involve adding the reporting platform and taking in data directly from various IT systems, automating the production of QRTs, and preparing the narrative regulatory reports.