KPMG: zeb offers a world-leading software for Solvency II, IFRS 9 and IFRS 17 reporting for insurance companies
With the increasing importance of the finance and risk reporting to insurance companies, necessity for dedicated information systems arises. In order to help companies to choose from a wide range of available options, world’s leading auditing company KPMG issued Solution Comparison* in 2016. As KPMG points out, it “provides an unbiased view on the available solutions and their capabilities.”
The Solution Comparison is based on answers to about 150 questions from each of the 15 evaluated vendors. Solutions of all vendors “support Solvency II reporting to a certain extent, but that support varies”, while only few support reporting according to IFRS 17 (formerly known as IFRS 4 phase 2) and IFRS 9. zeb is the only company offering a solution which is able to cover all three regulations extensively.
Figure 1: zeb.control Solution Capabilities. Source: KPMG, “A Closer Look at Reporting Systems”, Germany, 2016
Solution capabilities of zeb.control featuring functional, non-functional, Solvency II, IFRS 9 and IFRS 17 are assessed to be better as compared with its peer group. When it comes to Solvency II, zeb.control is capable of dealing with all three pillars. IFRS 17 requirements are addressed by an extension of IFRS 4 to include BBA (Building Block Approach) and PAA (Premium Allocation Approach) as well as VFA (Variable Fee Approach) in the future. Moreover, IFRS 9 requirements are covered for both phases and additionally for hedge accounting.
Figure 2: Technical Coverage. Source: KPMG, “A Closer Look at Reporting Systems”, Germany, 2016
KPMG mapped functional requirements and capabilities of the solutions to their technical components as well. zeb.control is the only product with a perfect score in 5/6 criteria, offering very high coverage in data sourcing/workflow, asset/actuarial valuation and reporting. This results in zeb being the provider of the insurance reporting solution with the highest technical coverage.
Only a few years after entering the market for insurance software, zeb.control is now considered the leading software for actuarial and audit purposes by one of the industry’s most respected players.