Invoke, a premier provider of cutting-edge regulatory reporting solutions, is pleased to announce the immediate availability of the portal solution, e-Filing Insurance, for generating Pillar 3 regulatory reports in XBRL format.
A light full-web solution for producing Pillar 3 reports in XBRL for Solvency II
A tactical ”push-button” solution for generating, validating and tracking Pillar 3 reports in XBRL format, the e-Filing Insurance declarative web portal allows regulated firms, particularly smaller entities, to leverage their existing IT architectures and to preserve their workflow and processes. With this full-web SaaS solution, end-users are instantly up-and-running using a simple Internet browser. Furthermore, as no installation or training is required, the investment is minimal.
”A smaller insurer with a limited number of business lines will clearly not adopt the same project strategy for managing the transition to Solvency II as a major international group, explains Antoine Bourdais, Director of the Banking, Insurance & XBRL Division at Invoke.
Smaller firms, particularly those that only need to report a subset of the total number of regulatory tables, are looking for light solutions that will allow them to alleviate the XBRL pain-point of Pillar 3. There is a clear need for a no-nonsense tactical application that simply generates the required reports in the mandatory XBRL format without requiring firms to revolutionize their existing information system.
Sensitive to market feedback, Invoke is launching e-Filing Insurance, a full-web SaaS portal solution that specifically caters to the needs of smaller regulated firms that are affected by the complex reporting obligations contained in the Solvency II Directive.”
e-Filing Insurance allows users to generate their Pillar 3 XBRL reports online using a straightforward 5-step process:
- Filing calendar management. The regulatory timetable allows users to track submissions and also defines each user’s work environment for each user.
- Online direct input. The regulatory reporting templates available in the portal environment can either be populated manually or via a direct import from Excel.
- Online validation. Regulator-imposed controls are checked online and in real-time using cuttingedge XBRL technology.
- Online electronic signature. Authorized users can electronically sign documents online.
- XBRL download feature. XBRL instance documents that are complete, valid and signed can be downloaded for submission to the relevant National Supervisory Authority.
Once the user account is activated by Invoke, the cloud-based e-Filing Insurance portal application is instantly up-and-running. Pioneering and pragmatic, e-Filing Insurance offers measurable valueadds, such as:
- Straightforward set-up with no technical pre-requisites on end-user workstations
- Intuitive interface that requires minimal training
- Centralized and permanent access to regulatory submissions
- Reliable data validated in real-time
- Full control of the regulatory filing-calendar
- Guaranteed regulatory maintenance
Invoke, regulatory reporting specialists and XBRL technology experts
”All Invoke XBRL reporting software is generic, taxonomy-driven and built around unique native XBRL technology, which allows us to demonstrate unparalleled reactivity and reduced lead-times when implementing regulatory upgrades. 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 date of publication by a regulator of a new taxonomy version for example, which is an incredible asset with regard to newer regulatory frameworks, such as Solvency II, which 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 a sizeable in-house team dedicated to working full-time with the XBRL standard. Invoke continues to reinvest approximately a third of the company’s annual turnover in R&D. There is no doubt that our commitment to the XBRL standard is what has allowed us to get to where we are today, but it’s our domain expertise and our resolute approach to innovation that will keep us there”, concludes Antoine Bourdais.