About SIIAssist

FSAssist: SIIAssist QRT Reporting Software

FSAssist: SIIAssist QRT Reporting Software

SIIAssist is brought to you from FSAssist : Solvency II Reporting solution for Pillar 3 QRTs

Introducing the new FSAssist Solvency II software, designed to help you complete the Pillar 3 Quantitative Reporting Templates (QRTs) in a simple quick and cost-effective manner.

The Solvency II software is a spreadsheet based system, which will allow you to complete the reporting templates in a familiar Microsoft Excel® environment.

This is a bespoke reporting tool, focused purely on this task, which makes it suitable both for smaller firms who do not have the resources to rebuild their entire back end systems for Solvency II reporting and as a last mile solution for larger firms.

The system will enable you to create a workbook containing the forms required for both your Report to Supervisors (RSR) as well as the Solvency & Financial Condition Report (SFCR).

The system will allow you to output the reports in the XBRL format required by the regulators without involving any manual tagging of the forms.

Seeking to maintain the flexibility which is a hallmark of the existing FSAssist system, you will be able to complete the forms manually, or you can import data directly from your back-end systems to populate the report automatically.

The software will incorporate a comprehensive range of validation tests which are being created specifically to meet the requirements of Solvency II reporting with the help of some of the leading audit experts.

The software will enable you to produce the relevant output for the two different report types set out below:

Data Import and Management

As well as enjoying all the flexibility of Excel to help populate the templates, the software incorporates a number of data import and management functions to allow you to bring across data effortlessly from any back end data warehouses or outside data suppliers (e.g. asset managers).

The import process is extremely flexible so you can automate the population of the entire return, or just selected templates, depending on what information you have available. The software can also validate the information that is imported to highlight any problems with the data

SCR Calculation Functionality

The software has the functionality to calculate the SCR on the reporting templates for firms using the standard formula model. Results from internal models can be easily accommodated as well.

Validation Testing

As well as fully incorporating the official EIOPA data validation checks, we also include an extensive range of checks to ensure as far as possible that your reported information is correct, and that the output is compliant with the EIOPA data specifications. Our checks will be regularly reviewed by some of the UK’s leading audit firms to help ensure they are the most complete and accurate available on the market.

XBRL Output (without the burden of tagging)

The data output function in the software will automatically convert the data you have entered into the Excel spreadsheets into the EIOPA specified XBRL format.  In a matter of moments the software will create the output files ready for submission to the regulator.

Create the full set of QRT Reports

The Solvency II software will allow you to create both annual and quarterly reports from the same set up information, for individual entities as well as groups.

Moreover the system will allow you to automatically create the published Solvency and Financial Condition Reports (SFCR) from the main Regular Supervisory Report (RSR) which you submit to the regulator.

Data logging and change tracking

We have built in facilities to help you keep track of any alterations being made to your workbook files to help you keep track of changes to the workbooks and set up effective version control.

Ease of Updating and software management

One of the advantages of being an Excel based system,  is that we are able to adapt the system extremely quickly to accommodate any changes to the reporting requirements issued by EIOPA, the ECB or the PRA. For example, any additional national specific templates can be  added in very quickly. Moreover, updates can either be distributed via IT departments, or can be sent directly to the users, who can update their software without the need for administrator access to their PCs.

An established pedigree

FSAssist has been supplying Insurance Reporting software to the UK industry for over 15 years, and is now the most frequently used  method for companies of all sizes to submit their regulatory returns.

We are always keen to get feedback from our customers and we have recently carried out a survey for the Day 1 and Quarter 1 reporting, the results of which can be seen here.

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