Invoke Software Ltd are pleased to announce that the first live submissions under the new Solvency II regime went smoothly for all their UK and Irish client insurers. The latter 170+ undertakings successfully remitted their Day one, Quarterly SII and ECB reports to their respective supervisory authorities, as well as the National Specific Templates (NSTs) for Q1, as required by the Central Bank of Ireland (CBI) - Ireland being a pioneer EU country to implement its additional local requirements in XBRL format.
With these live submissions, the first milestone of the Solvency II journey has been reached by European insurers. This May, all Invoke Software Ltd client insurers met the challenge of successfully producing their Solvency II reports in the expected XBRL format, with correct reference data and in-line with the business and technical validation rules provided in the XBRL taxonomy.
Validation rules deactivated by EIOPA two weeks before the deadline and new filing rules announced by the local regulator on the "Day one" submission date caused a last-minute scramble for insurers to meet the deadlines. Despite these late regulatory changes and owing to Invoke’s unique, in-house XBRL engine, constantly monitored and updated by an in-house team of regulatory Subject Matter Experts, Invoke Solvency II reporting tools were up and ready on time, thus bringing peace of mind to reporting entities and enabling them to comply and submit on time to their respective supervisory authorities.
Olivier Cornet, Director at Invoke Software Ltd, also credits the commitment of the Invoke support team for this success:
Invoke’s 10 years of combined XBRL and Solvency II expertise was one of the key success factors to help identify and resolve any queries encountered by our clients, credited to a highly valued support team who went the extra mile to provide guidance when most needed.
Nevertheless, this is just the beginning of a long distance race and many more challenges lay ahead, especially with the first annual Solvency II submissions requested in 2017, based on December 2016 data.
With Insurers' resources, time and processes already at a stretch, Invoke will continue to help automate and streamline the link between client’s data sources and report production, in readiness for tighter deadlines and provide peace of mind that their data will be submitted on time and in the correct format.
Invoke Solvency II Pillar 3 solutions have already been successfully implemented in no less than 24 countries with over 650 insurance entities trusting Invoke’s software and domain expertise for their Solvency II reporting.