The reporting pressure on insurance companies has been increasing immensely in recent years and will continue to do so in the future. This is not limited to finance and risk reporting, but these areas are particularly impacted.
KPMG invited leading software vendors to describe the capabilities of the solutions they use to address reporting requirements, specifically for Solvency II Risk reporting and the upcoming finance reporting according to IFRS 17 and IFRS 9. By putting a clear emphasis on functional capabilities, our Solution Comparison enables Finance & Risk officers and their departments to obtain an overview of the products available in the market. As Solvency II is already in place, there are many solutions that support Solvency II reporting to a certain extent, but that support varies.
Of the 15 solutions considered in this solution comparison, every solution supports part of the Solvency II reporting. And while seven of the considered solutions are able to consider IFRS 9, eight are able to consider IFRS 17.
When selecting one or multiple solutions it is important to consider the current as-is state of the insurers’ systems architecture on the one hand. On the other hand, the flexibility of the solution, synergies between Solvency II, IFRS 9 and IFRS 17 and the future content development path of the solution need to be considered.
Following solution vendors were invited to participate in our solution comparison:
This solution comparison shows there is a wide range of different solutions available. This is especially the case for Solvency II. However, there is also an increasing number of solutions emerging that consider the upcoming standards IFRS 9 and IFRS 17. There may be some overlap in the functionalities of the different solutions but there are also various differences with regard to functionalities and target of the respective solutions.
There is no undisputed market leader for either regulation. It is also important to note that any solution does not have to cover all three of the accounting/regulatory standards since also a combination of different solutions for different purposes might be a possible implementation scenario. In the end the choice of one or multiple solutions depends on various aspects which you can find in our report.
To download the report please click here:
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