Invoke is pleased to announce that all their Managing Agent customers leveraged the Invoke software to successfully submit Day1 and Quarterly Solvency II reporting to Lloyd’s of London. These submissions were expected from Lloyd’s syndicates on Core Market Returns for Day1 and Quarterly reporting on April 7th and May 5th in 2016 respectively.
Following the Solvency II preparatory phase last year, Lloyd’s issued the initial Pillar 3 Quarterly Reporting instructions in April 2015. Managing Agents were to prepare to submit new templates in 2016 based on updated specifications, and a key challenge was to adhere to these requirements in a compressed timeframe.
Thanks to Invoke FAS Regulatory S2 solution, 10 syndicates were able to automatically validate their returns and feed the Lloyd's CMR platform, thus submitting their data on time and in the correct format, without any errors. The embedded controls provided by Invoke were particularly well appreciated for validating QAD returns (Quaterly Asset Data) given the volume of validations required.
"To date, managing agents have made an evident effort in ensuring a successful first live submission. Nevertheless, the market should be aware of the challenge that the increased frequency and reporting volumes (three times greater) that the Annual submission in 2017 will bring. Therefore Invoke is focusing for the next 6 months on further automating data collection and assisting our customers in formulating of a robust, long term reporting process." says Olivier Cornet, Director, Invoke Software Ltd.