Investec Wealth & Investment (IW&I) has launched a fully-automated Solvency II reporting solution for financial mutual and insurance companies, allowing clients to have a “comprehensive” investment proposition.
According to IW&I, the solution was developed in a response to market demand for cost effective tools to meet the additional reporting, risk and governance challenges set by Solvency II.
The solution was put together in partnership with input from existing clients and industry actuaries.
IW&I suggested that since the implementation of the Solvency II, the regulation has “created significant challenges for financial mutuals and insurance companies as it affects their risk and governance, and the frequency and amount of information they are required to report to regulators”.
James Bedingfield, senior investment director at Investec Wealth & Investment, said: “Our reporting solution has been designed specifically to address the complexities faced by financial mutuals in complying with the myriad requirements of Solvency II, which was primarily designed for much larger insurance firms.”
He added: “Given the fact that we already worked with a number of leading financial mutuals for over 20 years, we have an intimate understanding of how to apply Solvency II regulations to their reporting requirements. We look forward to further expanding our relationships in this sector.”
