THE CHALLENGE In October 2015 the European Insurance and Occupational Pensions Authority (EIOPA) finalized the taxonomy for the implementation of Solvency II Directive 3 rd Pillar. For insurers and reinsurers, 2016 is the first year of implementing Solvency II reporting. It implies a significant transformation process, which requires: • learning and acquiring the proficiency in a lot of new concepts, technologies and tools; • adjusting the business organisation and the ICT infrastructure; • successfully launching the production of Solvency II reports. THE SOLUTION: ARELLE, SOLVENCY II EDITION Solvency II reporting is an XBRL implementation project. Such project requires the correct management of two aspects: the content and the XBRL format. Acsone focuses its expertise on the latter; management of the content is the responsibility of your experts such as actuarial, financial or accounting services and their supporting consulting companies. Acsone is one of the rare European companies that masters and covers all the specifications of the XBRL standard. Acsone has developed a solution that makes the production of XBRL reports intuitive, reliable and cost-effective: Arelle, Solvency II Edition. • To complete the reports, two options are available: either by using QRT Excel files or by encoding directly. With QRT files, you benefit from all the features of Excel. With direct encoding, you handle your data as they are stored in XBRL. • Our solution is based on the Open Source project Arelle.org. Arelle is largely used by XBRL experts, software editors and national supervisors. This large spectrum of users guarantees compliance with the XBRL standard. As another benefit, Arelle is taxonomy-agnostic: Arelle implements Solvency II reporting as well as COREP/FINREP, GAAP, IFRS. Full XBRL compliance ensures that you will not lose time in format conformity, allowing you to concentrate on the content. • Furthermore XBRL agnosticism allows for reusing technologies that have already been exploited for other taxonomies, ensuring optimum and reliable effectiveness with minimal maintenance and cost-effective usage. LAUNCHING THE PRODUCTION: A CRUCIAL STEP Acsone’s history is a series of mission critical projects. Successful projects depend on human, organisational and technical aspects. Our ISO 9001 certification directly results from our passion for the successes of our customers. The quality of Acsone’s solution combined to our proactive support is a guarantee for your success. SOLVENCY II MADE EASIER
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THE CHALLENGEIn October 2015 the European Insurance and Occupational Pensions Authority (EIOPA) finalized the taxonomy for the implementation of Solvency II Directive 3rd Pillar. For insurers and reinsurers, 2016 is the first year of implementing Solvency II reporting. It implies a significant transformation process, which requires: • learning and acquiring the proficiency in a lot of new concepts, technologies and tools; • adjusting the business organisation and the ICT infrastructure; • successfully launching the production of Solvency II reports.
THE SOLUTION: ARELLE, SOLVENCY II EDITIONSolvency II reporting is an XBRL implementation project. Such project requires the correct management of two aspects: the content and the XBRL format. Acsone focuses its expertise on the latter; management of the content is the responsibility of your experts such as actuarial, financial or accounting services and their supporting consulting companies. Acsone is one of the rare European companies that masters and covers all the specifications of the XBRL standard.Acsone has developed a solution that makes the production of XBRL reports intuitive, reliable and cost-effective: Arelle, Solvency II Edition.
• To complete the reports, two options are available: either by using QRT Excel files or by encoding directly. With QRT files, you benefit from all the features of Excel. With direct encoding, you handle your data as they are stored in XBRL.
• Our solution is based on the Open Source project Arelle.org. Arelle is largely used by XBRL experts, software editors and national supervisors. This large spectrum of users guarantees compliance with the XBRL standard. As another benefit, Arelle is taxonomy-agnostic: Arelle implements Solvency II reporting as well as COREP/FINREP, GAAP, IFRS. Full XBRL compliance ensures that you will not lose time in format conformity, allowing you to concentrate on the content.
• Furthermore XBRL agnosticism allows for reusing technologies that have already been exploited for other taxonomies, ensuring optimum and reliable effectiveness with minimal maintenance and cost-effective usage.
LAUNCHING THE PRODUCTION: A CRUCIAL STEPAcsone’s history is a series of mission critical projects. Successful projects depend on human, organisational and technical aspects. Our ISO 9001 certification directly results from our passion for the successes of our customers. The quality of Acsone’s solution combined to our proactive support is a guarantee for your success.
SOLVENCY II MADE EASIER
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Figure 1: Arelle, Solvency II Edition Direct edition of the balance sheet
Figure 2: Arelle, Solvency II Edition Edition of the table S 17 (Non-life Technical Provisions) by using a QRT file
ARELLE, SOLVENCY II EDITION IN A FEW PICTURES DIGITAL BUSINESS REPORTING
Figure 2: Arelle, Solvency II Edition Edition of the table S 17 (Non-life Technical Provisions) by using a QRT file
Figure 3: Arelle, Solvency II Edition Validation by table and precise location of errors
Figure 4: Arelle, Solvency II Edition Find values and headings in tables within XBRL instances
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WE CRAFT DURABLE AND RELIABLE SOFTWARE SOLUTIONS THAT HELP YOU ACHIEVE YOUR GOALS FASTER.QUALITY AND OPENNESS ARE AT THE CORE OF OUR VALUES AND DESIGN PRINCIPLES.
For more than 20 years Acsone’s teams have successfully implemented business IT solutions for their customers who want to go beyond classical systems and packages. The strength of our teams consists in proceeding to an in-depth analysis, understanding and specification of business processes before proposing reliable, innovative and adapted solutions. Depending on the topics to analyse and on the requirements of the customer, an agile approach is adopted.
Since the ’first‘ set-up of the company in 1989, our teams have been used to commit on results designing and developing open solutions that are perfectly integrated within the strategic, financial and technical context of our customers.
This commitment is fully part of our company culture and is materialized• by teams experimented in the implementation of projects,• by proven best practices, and• by management and development quality processes.
FOCUS ON SOLVENCY II IMPLEMENTATION
In order to help you implement the Solvency II Directive,Acsone has outstanding expertise fields …
Sharp knowledge of XBRL concepts and standards to integrate your data sources with the XBRL solution;In-depthproficiencyofXBRLtoolsandtechnologies to implement all XBRL features;Experience in applying project management methodology in a pragmatic way and fine-tuned to the specifics of Solvency II implementation; focus is set on risk, change,communication, delivery, time and cost management and appropriate reporting.
… and relevant tactics
StrongpartnershipwithSolvencyIIcontentspecialists who can support you to define and validate data inserted into the XBRL reports;Provenandproactivesupportactivities combining trainings and services to anticipate problems related to XBRL complexity;Capitalizationofexperience in mission- critical production chains that gathers close collaboration, concern for data quality and respect of tight deadlines into our best practices and ISO processes.
These specific and complementary skills allow you to consider the implementation of Solvency II serenely.
