8 Mar 2012

Invoke, a well-established software company known for its expertise in regulatory reporting and XBRL, is pleased to announce the immediate availability of its complete software range to meet the disclosure requirements of the insurance sector for Solvency 2 compliance. Using components of the regulatory solutions already deployed by several large groups in the European banking sector as its foundation, the Invoke Solvency 2 range offers tried and trusted software solutions, suitable for all sizes of insurance company, whatever the maturity of their IT infrastructure.

  • FAS Regulatory S2
  • e-Filing Insurance
  • Insurance regulatory reporting
  • Solvency 2

Flexible solutions adaptable to different migration strategies for Solvency 2

”A large international insurance group that commercializes a complex portfolio of products will clearly not adopt the same strategy for Solvency 2 compliance as a smaller company that has a much more limited insurancerelated activity, explains Antoine Bourdais, Managing Director of the Bank & Insurance Strategic Business Unit at Invoke. 

Large groups are more likely to select a standardized software solution that facilitates the industrialization of Solvency 2 reporting at a group level. On the other hand, smaller entities (which generally have a less onerous reporting burden) tend to prefer ‘light’ solutions that allow them to easily honor their compliance obligations by reporting using XBRL without needing to revolutionize their entire IT systems. Having understood the various priorities of what is in effect a highly diverse market, we were determined to develop a very flexible product offering that can fit the needs of all sizes of insurance company, allowing them to deploy the migration strategy of their choice for the purposes of Solvency 2 disclosure.”

Invoke offers two alternative solutions for meeting the Pillar 3 requirements of the Solvency 2 Directive:

• Integrated solution for generating disclosures and tracking regulatory submissions

Comprised of the regulatory reporting platform FAS Regulatory S2 and the web portal, e-Regulatory S2 (which tracks and manages regulatory submissions), this solution allows end-to-end management of the entire Solvency 2 reporting and disclosure process.

Main characteristics:

  • Maximal interoperability, with all formats of source data accepted 
  • Automated production of national and EIOPA Quantitative Reporting Templates (QRTs) 
  • Automated production of additional narrative disclosures (RSR, SFCR) using the integrated word processing capability 
  • Generation of ad-hoc personalized reports in spreadsheet format for analytical purposes 
  • Exhaustive data quality control
  • Full traceability 
  • Collaborative platform that supports and facilitates planning and workflow 
  • Validation and electronic signature 
  • Multi-country solution that integrates the specific requirements of the various national regulatory bodies


• Web-based SaaS solution for converting Excel® Solvency 2 disclosures into XBRL

A turn-key solution for generating, validating and submitting Solvency 2 disclosures and reports using XBRL, the e-Filing Insurance declarative web portal allows the smaller entities that fall under the remit of the Solvency 2 Directive to capitalize on their existing IT infrastructure and conserve their in-house workflow. Using this hosted solution via a simple Internet browser, end-users are immediately up and running.

Main characteristics:

  • Management of the timetable for regulatory submissions 
  • Excel® import or manual input of Solvency 2 QRTs 
  • On-line real-time control mechanisms
  • Collaborative validation workflow with different levels of user privileges
  • Electronic signature
  • Transmission of reports and disclosures in XBRL format to national regulatory bodies


Tried and trusted solutions

The various components of Invoke’s Solvency 2 range have already been successfully deployed in the banking sector to meet the regulatory demands imposed by both local and European regulators. Major European banking groups such as Crédit Agricole S.A., BPCE, Dexia or Danske Bank currently use the integrated solution as a core element of the compliance activities that support their international operations.

”Having successfully proven our regulatory reporting expertise in the banking sector, we are now in a position where we can confidently approach the demanding requirements of the insurance industry, safe in the knowledge that our proven solutions are perfectly suited to the enterprise-level reporting needs of large international groups. The Invoke Solvency 2 range is inherently scaleable and coping with the large volumes of data involved in Solvency 2 reporting poses no problem whatsoever. Furthermore, our flexible solutions can manage the specific technical features imposed by national regulators regarding the submission of disclosures in XBRL format. Lastly, and perhaps most importantly, our solutions allow our clients to rapidly maximize their return on investment, by leveraging what is initially a regulatory compliance issue and transforming it into a vector for optimizing internal control. Our clients are both very aware and appreciative of the added value that our collaboration can bring them”, adds Antoine Bourdais. 


Technology tested and approved by several European regulatory authorities

In addition to its range of regulatory reporting and disclosure software for organizations operating in the banking and insurance sectors, Invoke also supplies a growing number of European supervisory bodies with technical components based around its native XBRL spreadsheet technology. 

The Autorité de Contrôle Prudentiel (ACP - French national supervisory authority) currently uses several of these components in its regulatory platform for Corep, Finrep and Surfi reporting. These components allow the ACP to set up multi-period and multi-taxonomy analytical templates for the purposes of analyzing the XBRL data submitted by French banks. The software elements of the Invoke XBRL Suite have also been selected by Deutsche Bundesbank, the German central bank and by Bank Al Maghrib, the Moroccan central bank. 


A further alternative for in-house projects 

For insurance companies that wish to manage the migration to Solvency 2 internally without revolutionizing their IT infrastructure, the components of the Invoke XBRL Suite can also be integrated seamlessly into the latter stages of an existing reporting chain, allowing the translation of output data (including Excel® spreadsheets) into XBRL format. This type of approach has the advantage of allowing insurance companies to segregate the operational and technical aspects of the overall group Solvency 2 reporting project.

Within the Invoke XBRL Suite, the XBRL Writer is the tool that converts Excel files into XBRL format. Available in both desktop and server versions, the XBRL Writer can convert not only straightforward tables such as the Balance Sheet disclosure (BS-C1,) but also more complex reports that are composed of a variable number of lines, columns and tabs.For example, the investment portfolio disclosure AS-D1 can vary in size between a few dozen lines to many hundreds of thousands, depending on the reporting entity. The technical provisions disclosure is another good illustrative example 

of the dynamic capability of the XBRL Writer, as the tool automatically generates a variable number of tabs according to the number of combinations resulting from the intersection of the ”Currency” and ”Business Line” reporting dimensions.


Unparalleled expertise in XBRL regulatory reporting

”All our software is built around cutting-edge technology which is natively XBRL, and this allows us to demonstrate unparalleled reactivity and lead-times when implementing upgrades to reflect regulatory changes. Simple configuration modifications, validated by functional experts, are all that is required for our software to be immediately updated. This flexibility allows us to deliver upgrades to our clients in the space of a few days from the publication by a regulator of a new taxonomy version, which is an incredible asset in regard to Solvency 2, as the regulatory framework will undoubtedly undergo a series of adjustments in the early phases of implementation. 

Invoke’s native XBRL technology is the fruit of over ten years’ Research & Development, with an in-house team dedicated to working with the XBRL standard. Invoke continues to reinvest approximately a third of the company’s annual turnover in R&D, in order to maintain its position as market-leader through ongoing innovation”, concludes Antoine Bourdais.