A simple solution for a complex regulation. Solvency II comes at you from many angles, but CCH Tagetik Solvency II pre-packaged solution has the templates, calculations, reports, and dashboards you need to accelerate Pillar I, Pillar II, and Pillar III compliance. So you can meet all its qualitative, quantitative and disclosure requirements with ease, our solution reduces risk and puts finance in the driver’s seat with data governance, data mapping, and traceability.
For at-a-glance insights, leverage Qlik Sense’s Solvency II-specific visualizations and pre-built smart dashboards in our CCH Tagetik Visualization for Solvency II solution. Flexible, ready to extend, and quick to implement, CCH Tagetik gets you compliant with today’s rules and tomorrow’s updates.
3 reasons why CCH Tagetik Solvency II let's you focus on your business
Having seen lots of various applications, I am impressed by the way CCH Tagetik supports the business in gathering and modelling financial data, for consolidation and for Solvency II. The way the application documents the various batch processes is extremely good. Auditors will love this application for the auditability and tracebility.
CCH Tagetik helped us become compliant with Solvency II regulations and create one main source for reporting. The system enables us to control and manage the full process of non-financial, financial, and consolidated data from local GAAP to Solvency II, in a way consistent with our goals and principles.
With CCH Tagetik’s solution in place, TVM is proud to be the first European insurance company with an integrated and standardized statutory and Solvency II-compliant reporting processes.
Solvency II Demo
Pre-packaged, pre-built, pre-configured. Out-of-the-box, our app has all the calculation logic, report templates, outputs, checks and balances you need to get compliant with Solvency II — now and in the future.
- Pre-built SCR and MCR calculations
- Mapping and loading from data sources
- Pre-packaged dashboards for Pillar III data
- Built-in stress testing and audit trail
- Automatic XBRL filings and validation
Key Benefits you will gain with CCH Tagetik Solvency II
Reduce errors and improve your confidence. CCH Tagetik tackles Solvency II’s complexities, so you can focus your time and effort on reviewing and analyzing your company’s data.
- Quickly comply with pre-packaged solution
- Accurately forecast future capital requirements
- Simplify reporting and disclosure
- Reduce risk with a single data repository
- Increase transparency, accuracy and control
What is solvency II?
Solvency II is an EU legislative directive that seeks to harmonize EU insurance regulation, primarily in terms of the capitol insurance companies must hold. This works to reduce the risk of insolvency.
The goal? To unify a single EU insurance market and enhance consumer protection.
What are the objectives of solvency II?
- Improve consumer protection: a uniform and enhanced level of policyholder protection across the EU.
- Modernize supervision: the “Supervisory Review Process” shifts focus from compliance monitoring and capital to evaluating insurers’ risk profiles and the quality of their risk management and governance systems.
- Deepen EU market integration: by harmonizing supervisory regimes.
- Increase international competitiveness of EU insurers.
Pillar I: Quantitative Requirements
The first pillar of the EU directive has three directives. The first is a balance sheet evaluation, the second is a Solvency Capital Requirement (SCR) and the third is a Minimum Capital Requirement (MCR.) Qualitatively, this pillar involves gathering data from multiple sources and completing complex calculations. Organizationally, this involves standardization across operations and group reporting.
Pillar II: Qualitative Requirements & Supervision
The second pillar includes the need for a System of Governance, an Own Risk & Solvency Assessment (ORSA) and a Supervisory Review process. These narrative disclosures are complex in their own right and are repeated quarterly and annually.
Pillar III: Disclosure Requirements
The third pillar, active as of January 1st 2016, is the final stretch of Solvency II’s implementation. It requires Public Disclosure of Financial Condition and Solvency Reports (FCSR) and Common Supervisory Reports (RSR).
CCH Tagetik's Solvency II is trusted by leading companies across all industries.
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(IFRS 16 & ASC 842)