Best regulatory reporting software: Invoke, Regulatory S2
Regulatory reporting has increased significantly by volume and complexity since Solvency II went live in 2016. Public quantitative reports, just a fraction of the total burden insurers shoulder, comprise more than 2,100 data points in more than 35 tables.
Some 650 regulated insurance entities in Europe - more than 20% of those subject to Solvency II -have used the Invoke Regulatory S2 solution to submit their pillar 3 filings, according to its designer, and mid-year filing was completely free of technical errors.
The product includes a regulatory reporting platform and web portal, assisting insurers in the process of compiling their documents and submitting them to national regulators. It also provides functions for pillars 1 and 2, including calculating solvency requirements by the standard formula, and tools for making own risk and solvency assessment (Orsa) reports.
Invoke Regulatory S2 clients include Axa, Allianz, Lloyd's of London, CNP Assurances, and Credit Agricole Assurances, and regulatory authorities including France's ACPR – Banque de France.
Invoke Regulatory S2 imposes no format for data input, and can accommodate country-specific reporting obligations such as Irish and French national-specific templates, focused reporting in Luxembourg, Lloyd's core market returns reporting, and technical specificities such as electronic signatures in France and Romania.
Invoke also offers a team monitoring for regulatory developments for clients, and a regulatory calendar monitoring function. System updates require no upgrade to the application, thus trimming maintenance costs and possibly of great help given the variety of updates expected to stem from various programmes examining Solvency II rules, and possibly changing UK regulations after Brexit in 2019.
The company adds its product makes for unified reporting drawing on a number of sources and frameworks within companies for data, allowing not only for regulatory reporting but also for consistently applied consolidation, budgeting / forecasts, and management reporting.
