Collinson Group is one of the insurance companies that have successfully implemented a progressive approach to Solvency II reporting, thanks to Invoke’s regulatory reporting software tools.
Ganga Rajaguru, Regulatory & Technical Reporting Manager, from the Insurance & Assistance Division at Collinson Group, explains how and why Invoke solutions have been chosen twice by her company, helping the reporting process to smoothly evolve from a short-term tactical approach to a more strategic and comprehensive reporting process, thus accompanying the maturation of the company’s upstream information systems.
Phase 1 • Launch of the Solvency II reporting project
Collinson Group looked to Invoke in 2015 for a tactical solution in order to produce their first Solvency II QRTs in XBRL format, as required by EIOPA. They initially opted for the Invoke e-Filing Insurance solution: a hosted web portal allowing the collaborative preparation of QRTs from Excel® templates and the production of the regulator-ready XBRL files for submission to the PRA.
As the team at Collinson group highlighted, one of the factors that influenced their choice in terms of software equipment at the time was the ability to rely both on Invoke's technological and domain expertise, while benefiting from a 'plug-and-play', cloud-based solution.
In addition, as an undertaking with non-standard financial year-end, they needed to find a tool capable of dealing with this additional reporting complexity, in a context of ever-changing regulatory demands from the authorities. The ability for the e-Filing Insurance portal to support multiple versions of the EIOPA taxonomy was indeed a key factor of success in the first phase of the project.
Last but not least, they knew they would be able to make the solution evolve in the future, in parallel with their upstream systems, until the latter are fully 'Solvency II ready1.
Phase 2: Streamlining the reporting process
At the end of 2016, Collinson Group decided to move to a more strategic, automated approach to Solvency II reporting in order to streamline their processes. Satisfied with the Invoke tool and services, they opted for the Invoke Regulatory strategic regulatory reporting platform.
“Collinson Insurance Division was using Invoke cloud-based reporting software for their Solvency II Pillar III reporting when I joined back in 2016. We also required a data platform which could pull out other SII reports in addition to QRTs, such as the SFCR and the RSR, but which could also capture data to manage other regulatory reporting within the same data platform. It was key to find a software that enabled the SII data requirements to be captured across the business in the least complex manner at an affordable cost”, explains Ganga.
Not only were they able to easily implement the new platform, but they still benefited from the collaborative web portal for the validation and follow-up of XBRL submissions online.
The workshops with the Invoke teams during the specification of the strategic phase was key in the overall project. Indeed, the Invoke Regulatory standard data model helped the Collinson Group's team to set up the suitable data granularity in their upstream systems to automate the population of QRTs.
A very important factor of success in the second phase of the Collinson Group SII project was the ability for the Invoke data platform to gradually adapt to the level of maturity of the upstream systems. There was no need for a 'big bang' in the information system. Collinson Group was able to make a smooth transition by breaking down the automation project by blocks of reports, thus optimizing the resources and keeping business-as-usual running.
“After evaluating many vendors in the market, we decided Invoke Regulatory was the most appropriate software to cover our reporting and business requirements. The main attraction was Invoke’s flexible implementation approach of data blocks. It enabled us to build the appropriate data platform, while automating only when required and when the resources were available,” adds Ganga.
A timely, cost-effective implementation
"We had only 4 months to deliver the first annual reporting to the PRA when the approval for the software was signed off by the Finance Director. Scoping the annual reporting requirements to implementing Invoke Regulatory Software was planned in detail with the Invoke project team. I am very proud to say that together we delivered the project within the expected timelines that we had originally set and within the original budget", says Ganga.
A relationship based on trust and reactive, committed teams
"The Collinson Group Insurance Finance team has a great working relationship with all of the Invoke teams across various service levels. The sales team presented a demo and I am happy to say what we saw is what we got. The support team is very efficient and turns around solutions efficiently and in a timely manner.
The Invoke project team was very hands-on and continued to work closely with us during and post go live period on ways to refine our processes and further optimize the solution to meet a very tight deadline. I truly believe the Invoke Project team added great value to Collinson Group through its professional approach and its vast experience in the Insurance regulatory reporting arena."