Q2Solvency

Solvency 2 Quidgest

Q2Solvency

To meet the challenges introduced by Solvency II, Quidgest developed the solution Q2Solvency in order to simplify the requirements presented by EIOPA.

The Q2Solvency solution, developed based on Quidgest’s platform Genio, a complete solution and with easy integration with other systems, provides the necessary tools for processing data and creating reports in XBRL format according to the guidelines of Solvency II.

What is Solvency II?

On November 25th 2009, the European Parliament and the Council of the European Union adopted Directive 2009/138/EC, the Solvency II regime, which aims to restructure the legal framework in the sector of European insurers. The Solvency II Directive aims to bring together in a single engine all the policies that regulated the sector, allowing insurers to improve their performance regarding capital requirements and the risks inherent to the sector.

With a structure similar to agreements of Basel III in the banking sector, EIOPA groups the different Solvency II requirements on three pillars that include quantitative and qualitative requirements and elements focused on capital, risk, supervision and disclosure.

PILLAR 1 Demonstrating Adequate Financial Resources

Capital requirements:

SCR – Solvency Capital Requirement

MCR – Minimum Capital Requirement

PILLAR 2 Demonstrating an adequate System of Governance

Effective risk management system

Identify and measure risk according to the necessary capital

Set a long-term risk strategy

PILLAR 3 Public Disclosure and Regulatory Reporting Requirements

Effective risk management system

Identify and measure risk according to the necessary capital

Set a long-term risk strategy

ADVANTAGES & FEATURES

Advantages

  • Acess to detailed information, trough drill-down;
  • Rigorous correspondency between the information system data and the report system data;
  • Instant upgrade of new report versions;
  • Flexibility in the definition of the reporting framework;
  • Filling of the report fields are easily configurable without the need of new instalations;
  • Possibility of choosing between agregation levels, drill down and extra validation;
  • Intuitive interface;
  • Vast experience in XBRL reports;
  • Structured with the EIOPA requirements;
  • Solution suported by a technological procedure of last generation, Genio.

Features

  • User management;
  • Submission management;
  • Filling of FINREP/COREP reports and other regulatory reports;
  • Generation of XBLR reports;
  • Drill-down;
  • Visualization;
  • Data validation;
  • Data history;
  • History comparison;
  • Modification and auditory of data;
  • Alerts and notifications;
  • Definition of diferent levels of access, according to the user.

Q2Solvency

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