STAMFORD, Connecticut and LUCCA, Italy, March 8, 2016 /PRNewswire/ --
Solution Addresses All Solvency II Standards, Including 2016 Pillar 3 Reporting Requirements
Tagetik, a visionary leader in global performance management software solutions, announced today that 265 insurance companies and more than 2,300 professionals throughout Europe are using Tagetik's pre-packaged solution to help them meet the rigorous requirements imposed by the Solvency II Directive, designed to standardize the regulation of EU insurance companies and to reduce the risk of insolvency. The directive's Pillar 3 (Full Measures) requirements, which govern disclosure and reporting transparency, went into effect on January 1, 2016.
Tagetik's Solvency II solution was initially rolled out in 2012. Customers have successfully met all Solvency II Pillar 3 requirements to date, as well as unique local country requirements. Representative customers include companies such as Talanx, Aegon, Generali Group, Triglav, AG Insurance, Allianz, Nationale Suisse, Menzis and Univè, as well as Ania, Italy's insurance association.
Moreover, in its 2015 Market Guide for Solvency II Solutions*, international analyst firm Gartner gave Tagetik excellent rating in Pillar 2, Pillar 3 and General Capabilities. To read the press release, click here .
"Because we could build on our extensive know-how in the banking regulatory reporting requirements as well as on the work we'd already done in areas such as disclosure, complex reporting, and data integration, we were one of the first to bring a complete pre-packaged Solvency II solution to market," said Sabrina Rosati, executive vice president, global practice leader - financial services at Tagetik. "Since we maintain the solution centrally, our customers never have to worry about keeping up with changes, which significantly saves time and ensures 100% compliance. To further help customers in making this transition, we have fully trained support staff and a user community which provides a forum of shared project experiences from all over Europe."
The Tagetik Solvency II solution incorporates everything a company needs for compliance, including: data input forms, data models, report templates, input schedules, calculation rules, consolidations, validations, documentation, and ELT processes for uploading data from virtual any source system. It also provides the required XBRL output. The solution can be used on its own or in conjunction with Tagetik's comprehensive corporate performance management (CPM) solution.
In addition to meeting Solvency II requirements, Tagetik's solution can also be used for virtually any other type of internal or external reporting, thereby increasing the value of a customer's investment while streamlining and improving other reporting processes. The unified data model ensures that accurate, consistent numbers are driven into all reports.
To learn more about Tagetik's pre-packaged Solvency II solution, click here.
* 2015 Market Guide for Solvency II Solutions, Juergen Weiss, Managing Vice President, Gartner, July 17, 2015.
About the Market Guide for Solvency II Solutions
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Tagetik understands the complex challenges that face the Office of Finance and translates that knowledge into intuitive, enterprise-scale performance management software solutions that drive business results. With Tagetik, companies get the simplicity of the Cloud and the power to unify financial and operational planning; shorten the consolidation and close process; immediately analyze results, model and compare full financial statement impact of business scenarios; adjust strategic plans; seamlessly update rolling forecasts; produce formatted and auditable financial statements and management reports; collaborate on business reviews, and automate disclosure and board reporting. Tagetik has built-in financial intelligence so that CFOs, finance managers, and operations executives can orchestrate multiple or all processes in one software solution. More than 850 customers across 35 countries count on Tagetik to improve efficiency, reduce risk, save money and deliver results. For more information, visit http://www.tagetik.com. We get Finance. You get results.
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