Oracle has announced the availability of Oracle Insurance Quantitative Management and Reporting for Hyperion Financial Management, which the vendor describes as an application that streamlines compliance with Solvency KK reporting mandates and enables criers to better manage risk, finance and capital.
The application is designed to meet Solvency II requirements for European insurers to provide quantitative management reports to industry regulators, such as the recent Quantitative Impact Study 5 (QIS5) and the pending Quantitative Reporting Templates (QRT). Oracle says that its new application provides robust capabilities to help insurers create such reports automatically, eliminating the need for labor-intensive processes and error-prone manual spreadsheets.
According to a vendor statement, Oracle Insurance Quantitative Management automatically downloads and collates financial, capital and risk data from multiple sources, including audible spreadsheets and manual inputs where needed. The application then provides currency translation, intracompany elimination and equity elimination and reconciliation. Oracle Insurance Quantitative Management also includes built-in validation routines.
Oracle Insurance asserts that the application gives insurance executives and managers faster, easier insight into risk and capital information with reporting tools such as risk dashboards and key performance indicators (KPIs). The vendor says Oracle Insurance Quantitative Management has an easy-to-use interface that resembles traditional regularly reporting tools, such as spreadsheets, which help to drive adoption across the enterprise.
"Business demands and regulations are driving insurers to improve their risk and financial processes and reporting systems," comments Glenn Lottering, senior director, EMEA insurance product strategy and sales consulting. "Oracle Insurance Quantitative Management and Reporting for Hyperion Financial Management is an ideal solution for meeting the quantitative reporting requirements of Solvency II, with automated reporting, audit trails and dashboards.
"The application not only helps insurers comply with industry regulations, it helps provide the insight that executives need to improve risk management, make better-informed business decisions, and ensure financial stability over the long term," Lottering adds.