Tagetik, a visionary leader in global performance management software solutions, announced today that 265 insurance companies and more than 2,300 professionals throughout Europe are using Tagetik’s pre-packaged solution to help them meet the rigorous requirements imposed by the Solvency II Directive, designed to standardise the regulation of EU insurance companies and to reduce the risk of insolvency. The directive’s Pillar 3 (Full Measures) requirements, which govern disclosure and reporting transparency, went into effect on January 1, 2016.

Tagetik’s Solvency II solution was initially rolled out in 2012. Customers have successfully met all Solvency II Pillar 3 requirements to date, as well as unique local country requirements. Representative customers include companies such as Talanx, Aegon, Generali Group, Triglav, AG Insurance, Allianz, Nationale Suisse, Menzis and Univè, as well as Ania, Italy’s insurance association.

Moreover, in its 2015 Market Guide for Solvency II Solutions*, international analyst firm Gartner gave Tagetik excellent rating in Pillar 2, Pillar 3 and General Capabilities. To read the press release, click here.

“Because we could build on our extensive know-how in the banking regulatory reporting requirements as well as on the work we’d already done in areas such as disclosure, complex reporting and data integration, we were one of the first to bring a complete pre-packaged Solvency II solution to market,” said Sabrina Rosati, executive vice president, global practice leader – financial services at Tagetik. “Since we maintain the solution centrally, our customers never have to worry about keeping up with changes, which significantly saves time and ensures 100% compliance. To further help customers make this transition, we have a fully trained support staff and a user community which provides a forum of shared project experiences from all over Europe.”

The Tagetik Solvency II solution incorporates everything a company needs for compliance, including: data input forms, data models, report templates, input schedules, calculation rules, consolidations, validations, documentation and ELT processes for uploading data from virtual any source system. It also provides the required XBRL output. The solution can be used on its own or in conjunction with Tagetik’s comprehensive corporate performance management (CPM) solution.

In addition to meeting Solvency II requirements, Tagetik’s solution can also be used for virtually any other type of internal or external reporting, thereby increasing the value of a customer’s investment while streamlining and improving other reporting processes. The unified data model ensures that accurate, consistent numbers are driven into all reports.