Arkk Solutions, software and service supplier to clients such as Zurich, Axa and Prudential, has released the extension of its XBRL reporting suite for complying with the incoming Solvency II legislation, due on 1 January 2016.
Arkk’s latest offering can be used either to convert customer populated European Insurance and Occupational Pensions Authority templates, or using their new Bluebird adaptor, the templates can be automatically populated from a multitude of data sources.
Arkk’s managing director, Richard Metcalfe, commented: “We saw there was a clear demand for a conversion tool in the Solvency II space.”
“Whilst most businesses have been running projects to gather the complex data required for some time, on the most part their internal technology projects, or in some cases third party software vendors, do not have the ability to transform the required data into XBRL format for filing. “
The XBRL conversion module is consistent with Arkk’s other regulatory reporting offerings across Alternative Investment Fund Managers Directive and Capital Requirements Directive IV reporting.
The product is Excel-based, providing quick implementation as there are no external systems integrations and extensive user training required.
To further speed the delivery and deployment process, customers have a choice of a cloud-based solution or a more traditional desktop implementation.
