esure, the FTSE250 insurer well-known for its innovative marketing, brands and product quality has chosen e-Filing Insurance from Invoke for generating the Solvency II Pillar 3 quantitative reports in XBRL format expected by the Prudential Regulatory Authority (PRA).
Pillar 3 Reporting: bridging the XBRL gap
Already configured for full compatibility with both of the latest versions of the EIOPA XBRL taxonomy for Interim Measures reporting, esure Group plc is leveraging the Invoke e-Filing Insurance collaborative portal application for generating, validating and tracking the disclosure to the PRA of the Pillar 3 quantitative reporting templates (QRTs) expected in XBRL format.
Our experience in working with insurers across Europe has shown us that the industry is at risk of underestimating the technological agility required to align the data requirements of Pillar 3 with the technical XBRL format specifications published by EIOPA and national supervisors. There are a number of key success factors (such as high-performance taxonomy-driven validation and a visualisation feature for displaying XBRL data in a business-user-oriented collaborative environment), that will make the difference between a high-quality submission made to the PRA on-time and one that fails to get through the regulator’s data-collection gateway, comments Anne Leslie-Bini, Director at Invoke Software.
Mindful of the need to embed XBRL into a sustainable business-as-usual reporting process, esure has selected the Invoke e-Filing Insurance portal as it gives us confidence and peace-of-mind regarding our ability to meet all the Pillar 3 reporting deadlines, says Steve Long, Group Financial Controller.
Offering ease of deployment, comprehensive regulatory maintenance and a user-friendly interface that shields business-users from the complexity inherent in the XBRL standard, Invoke e-Filing Insurance ticks all the business, process and technical boxes required for a valid, on-time submission to national competent authorities such as the PRA in the UK.