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A comprehensive approach to managing insurance finance and risk reporting

Insurance firms should consider an integrated framework for dealing with increasing finance and risk reporting requirements.

In dealing with a rapidly evolving regulatory environment, insurers should now consider enhanced reporting requirements for Solvency II, which affects the volume, frequency, timeliness and complexity of financial reporting. The new requirements have a direct bearing on how insurers handle data, processes, methodology and organization.

A synchronized, integrated approach to financial reporting can help insurers address new requirements. Ultimately, insurance firms should be thinking strategically about the overall architecture and framework of their closing and reporting function. The final objective should be a “smart factory” for producing regulatory reporting in a way that is lean, rationalized and reliable. Beyond compliance, improved reporting can support the overall performance of the organization.

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New Solvency II requirements challenge insurers to improve their financial reporting frameworks, but more than just compliance is at stake.

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