QMR is a complete 'out-of-the box solution' for Solvency II regulatory reporting, as specified by the European Insurance and Occupational Pensions Authority (EIOPA).

With Oracle Quantitative Management and Reporting for Solvency II, insurers can rapidly implement a comprehensive Solvency II reporting solution that not only addresses today's requirements, but that supports ongoing changes prescribed by the regulators.

The QMR solution not only generates the reports in multiple formats (including XBRL) but also contains the appropriate processes, controls, sign-offs and data integration tools. The solution has the capability to handle all the calculations required for Solvency II reporting including standard formula SCR, MCR and diversification calculations. Integrated financial and regulatory reporting is easily achieved.

Beyond Solvency II Reporting

As an Oracle EPM application, existing Oracle Hyperion Financial Management users can readily integrate QMR regulatory reporting with their existing financial reporting solution. Alternatively QMR users can, in time, implement financial reporting thereby achieving synergies and an integrated reporting process. Further, additional modules can be added to provide enhanced data and results warehousing including an asset transaction repository.

The industrial strength technology allows clients to start small but grow their usage as required.

Key Features

• Automate the quantitative quarterly and annual reporting requirements, as prescribed by EIOPA for both solo and group entities.
• Include key solvency calculations such as SCR, MCR and others.
• Consolidate data from multiple systems, subsidiaries and lines of business (including currency translation, intercompany elimination and equity elimination).
• Includes reports for QIS5 and successors (including QRT).
• Leverage market leading Oracle Hyperion consolidation and reporting applications and Oracle Financial Services Analytical Applications suite of risk applications.

Key Benefits

• Eliminate errors and inconsistencies in QIS5 and QRT processes.
• Reduce effort and cost needed to create reports.
• Gain better visibility into solvency as well as changes in solvency measures.
• Control, governance and transparency through centralization, security and workflows.

Oracle's powerful aggregation engine is already used by over 3,500 companies globally for financial consolidation, and it has been enhanced to meet the Solvency II group and solo reporting requirements. This facilitates the construction and generation of key Solvency II reports including the Quantitative Reporting Templates (QRTs). It can also be extended to support the ORSA and the 'Use Test'.

This leverages the standard Oracle Hyperion financial consolidation functionality including IFRS and local GAAP, inter-company reconciliation and currency conversion.

Specific QMR functionality includes:

• Full support for Standard and (Partial) Internal model.
• Built in validation and reconciliation.
• Balance sheet and SCR consolidation with both Accounting Consolidation and Deduction and Aggregation methods.
• Currency translation.
• Ring fenced funds.
• Risk concentrations and equity eliminations for groups.
• Various breach level calculations (own funds, SCR, MCR and capital tiers).

Data Quality & Integration

The QMR solution incorporates a comprehensive data model to support an integrated risk, finance and actuarial data repository. This data model is fully extendible to meet customer specific data structures.

The data quality and integration tool facilitates the extraction, transformation and storage of all required data from, amongst other sources, financial, actuarial and asset systems. The tool can import data in multiple formats and provides data reconciliation, validation, certification and full data drill back and audit trails.

Pre-configured data forms allow for manual data entry, review and data monitoring.

Reporting & Disclosure

Financial reporting and disclosure management includes pre-built QRT reports with more than 60 group and solo entity reporting templates. These can be viewed and analysed in dashboards and various report formats thereby enhancing governance, risk and compliance.

Reports can be exported in a format consistent with the specified XBRL reporting requirements and with full linkage to Microsoft Office Suite products to auto-generate internal and external reports.

In addition, insurers can develop a range of custom internal reports as well as additional templates that may be required by a local regulator.

Workflow Process Management

Workflow process management with full role based security provides full visibility across all reporting processes with task automation, data quality, alerting, job dependencies and assignments. This enables users to implement an automated Solvency II reporting processes that:

• Establishes the roles and responsibilities of the resources involved in the processes.
• Automates the processes.
• Provides the audit, security and management controls required.
• Reports on the process.

Data Sheet: Oracle Accelerate for QMR

Data Sheet: Oracle Quantitative Management and Reporting for Solvency II