Invoke Software and Asta Managing Agency are pleased to announce the successful submission to the Lloyd’s Core Market Returns (CMR) platform of the latest round of Solvency II Pillar 3 reports using the industry-renowned FAS Regulatory S2 application from Invoke.
As one of the biggest managing agents in the Lloyd’s market with responsibility for seven syndicates and two special purpose syndicates, Asta is at the frontline in tackling the challenges of Solvency II regulatory compliance.
The company has chosen Invoke Software to automate its CMR submission process on behalf of the syndicates it manages, and this decision is already delivering significant quantifiable benefits.
“ We are pleased to announce that Asta has implemented Invoke FAS Regulatory S2 in time for the Lloyd’s Pillar 3 Dry-Run, and has successfully made ASR submissions for seven syndicates and a special purpose syndicate using the software ”, comments Matt Lane, Head of Business Intelligence and Pillar 3 Programme Manager at Asta.
“ Due to the readily configurable nature of the software, we have found the implementation to be a straight-forward, flexible and cost-effective solution to Lloyd’s Pillar 3 reporting requirements. ”
An informed choice delivering streamlined automation
Being part of Lloyd’s, syndicates have to comply not only with the Solvency II rules as formulated by EIOPA, but also the existing Lloyd’s standards and bylaws. Invoke FAS Regulatory S2 was the only packaged application identified by Asta that was able to demonstrate that it could quickly address both types of regulatory obligation.
One of the main drivers of Asta’s software choice is the ability of Invoke FAS Regulatory S2 to streamline and automate the CMR reporting process, massively cutting down on the time needed to produce reports and reducing the risk of manual and /or spreadsheet error from the process.
Thanks to the numerous features provided by the FAS Regulatory S2 platform, which include embedded intra-document and cross-report validations and a colour-coded dashboard, Asta has already seen a considerable reduction in the time spent in pre-checking and loading data into the Lloyd’s CMR platform.
“The transition to standard packaged reporting software is at an early stage in Lloyd’s syndicates. Our collaboration with the team at Asta has demonstrated that it is possible to simplify the complex regulatory reporting imperatives faced by firms operating in the London market. And this through a tightly steered, cross-functional project team work coupled with an agile solution such as FAS Regulatory S2.”
“The successful September dry run submission to Lloyd’s has shown that this approach significantly reduces the scale, associated cost and delivery risk of the internal builds that syndicates and firms like Asta would otherwise have to embark on”, concludes Amrita Singh, Senior Project Manager at Invoke Software.