Invoke and Asta Announce the Successful Live Automation of CMR Reporting to Lloyd's Under Solvency II
Poster: SySAdmin
Posted on October 13, 2015 at 2:07:01 AM
Invoke and Asta Announce the Successful Live Automation of CMR Reporting to Lloyd's Under Solvency II
LONDON, October 13, 2015 /PRNewswire/ --
Invoke Software and Asta Managing Agency are pleased to announce the successful
submission to the Lloyd's Core Market Returns (CMR) platform of the latest round of
Solvency II Pillar 3 reports using the industry-renowned FAS Regulatory S2 application
from Invoke .
    (Logo:
http://photos.prnewswire.com/prnh/20150407/738754 )
As one of the biggest managing agents in the Lloyd's market with responsibility for
seven syndicates and two special purpose syndicates, Asta is at the frontline in tackling
the challenges of Solvency II regulatory compliance.
The company has chosen Invoke Software to automate its CMR submission process on
behalf of the syndicates it manages, and this decision is already delivering significant
quantifiable benefits.
"We are pleased to announce that Asta has implemented Invoke FAS Regulatory S2 in time
for the Lloyd's Pillar 3 Dry-Run, and has successfully made ASR submissions for seven
syndicates and a special purpose syndicate using the software", comments Matt Lane, Head
of Business Intelligence and Pillar 3 Programme Manager at Asta.
"Due to the readily configurable nature of the software, we have found the
implementation to be a straight-forward, flexible and cost-effective solution to Lloyd's
Pillar 3 reporting requirements."Â
An informed choice delivering streamlined automationÂ
Being part of Lloyd's, syndicates have to comply not only with the Solvency II rules
as formulated by EIOPA, but also the existing Lloyd's standards and bylaws. Invoke FAS
Regulatory S2 was the only packaged application identified by Asta that was able to
demonstrate that it could quickly address both types of regulatory obligation.
One of the main drivers of Asta's software choice is the ability of Invoke FAS
Regulatory S2 to streamline and automate the CMR reporting process, massively cutting down
on the time needed to produce reports and reducing the risk of manual and /or spreadsheet
error from the process.
Thanks to the numerous features provided by the FAS Regulatory S2 platform, which
include embedded intra-document and cross-report validations and a colour-coded dashboard,
Asta has already seen a considerable reduction in the time spent in pre-checking and
loading data into the Lloyd's CMR platform.
"The transition to standard packaged reporting software is at an early stage in
Lloyd's syndicates. Our collaboration with the team at Asta has demonstrated that it is
possible to simplify the complex regulatory reporting imperatives faced by firms operating
in the London market. And this through a tightly steered, cross-functional project team
work coupled with an agile solution such as FAS Regulatory S2."Â
"The successful September dry run submission to Lloyd's has shown that this approach
significantly reduces the scale, associated cost and delivery risk of the internal builds
that syndicates and firms like Asta would otherwise have to embark on," concludes Amrita
Singh, Senior Project Manager at Invoke Software.
About Invoke SoftwareÂ
With offices in London, Paris and Luxembourg, Invoke is the trusted regulatory
technology partner to supervisory bodies worldwide, as well as to firms in the financial
services sector who fall under the scope of complex regulatory imperatives such as CRD IV
and Solvency II.
Incorporating advanced data-governance, collaborative workflow and disclosure
management features, Invoke regulatory software solutions associate a decade of technical
expertise with extensive domain knowledge. Committed to delivering sustainable value to
customers, Invoke continues to enhance the alignment of its solutions with the emerging
regulatory use-cases presented by paradigm shifts such as Solvency II.
Invoke Solvency II Pillar 3 solutions have already been successfully implemented in no
less than 22 countries with over 350 insurance entities trusting Invoke's software and
domain expertise for their Solvency II reporting.
More information: http://www.invoke-software.com
Contact details: Â Yasmine Tebaa, Â Invoke, +33-1-42-68-85-63
Photo:
http://photos.prnewswire.com/prnh/20150407/738754
Photo:http://photos.prnewswire.com/prnh/20150407/738754
http://photoarchive.ap.org/
Photo:http://photos.prnewswire.com/prnh/20150407/738754
http://photoarchive.ap.org/
Invoke Software
CONTACT: ytebaa@invoke.fr
LONDON, October 13, 2015 /PRNewswire/ --
Invoke Software and Asta Managing Agency are pleased to announce the successful
submission to the Lloyd's Core Market Returns (CMR) platform of the latest round of
Solvency II Pillar 3 reports using the industry-renowned FAS Regulatory S2 application
from Invoke .
    (Logo:
http://photos.prnewswire.com/prnh/20150407/738754 )
As one of the biggest managing agents in the Lloyd's market with responsibility for
seven syndicates and two special purpose syndicates, Asta is at the frontline in tackling
the challenges of Solvency II regulatory compliance.
The company has chosen Invoke Software to automate its CMR submission process on
behalf of the syndicates it manages, and this decision is already delivering significant
quantifiable benefits.
"We are pleased to announce that Asta has implemented Invoke FAS Regulatory S2 in time
for the Lloyd's Pillar 3 Dry-Run, and has successfully made ASR submissions for seven
syndicates and a special purpose syndicate using the software", comments Matt Lane, Head
of Business Intelligence and Pillar 3 Programme Manager at Asta.
"Due to the readily configurable nature of the software, we have found the
implementation to be a straight-forward, flexible and cost-effective solution to Lloyd's
Pillar 3 reporting requirements."Â
An informed choice delivering streamlined automationÂ
Being part of Lloyd's, syndicates have to comply not only with the Solvency II rules
as formulated by EIOPA, but also the existing Lloyd's standards and bylaws. Invoke FAS
Regulatory S2 was the only packaged application identified by Asta that was able to
demonstrate that it could quickly address both types of regulatory obligation.
One of the main drivers of Asta's software choice is the ability of Invoke FAS
Regulatory S2 to streamline and automate the CMR reporting process, massively cutting down
on the time needed to produce reports and reducing the risk of manual and /or spreadsheet
error from the process.
Thanks to the numerous features provided by the FAS Regulatory S2 platform, which
include embedded intra-document and cross-report validations and a colour-coded dashboard,
Asta has already seen a considerable reduction in the time spent in pre-checking and
loading data into the Lloyd's CMR platform.
"The transition to standard packaged reporting software is at an early stage in
Lloyd's syndicates. Our collaboration with the team at Asta has demonstrated that it is
possible to simplify the complex regulatory reporting imperatives faced by firms operating
in the London market. And this through a tightly steered, cross-functional project team
work coupled with an agile solution such as FAS Regulatory S2."Â
"The successful September dry run submission to Lloyd's has shown that this approach
significantly reduces the scale, associated cost and delivery risk of the internal builds
that syndicates and firms like Asta would otherwise have to embark on," concludes Amrita
Singh, Senior Project Manager at Invoke Software.
About Invoke SoftwareÂ
With offices in London, Paris and Luxembourg, Invoke is the trusted regulatory
technology partner to supervisory bodies worldwide, as well as to firms in the financial
services sector who fall under the scope of complex regulatory imperatives such as CRD IV
and Solvency II.
Incorporating advanced data-governance, collaborative workflow and disclosure
management features, Invoke regulatory software solutions associate a decade of technical
expertise with extensive domain knowledge. Committed to delivering sustainable value to
customers, Invoke continues to enhance the alignment of its solutions with the emerging
regulatory use-cases presented by paradigm shifts such as Solvency II.
Invoke Solvency II Pillar 3 solutions have already been successfully implemented in no
less than 22 countries with over 350 insurance entities trusting Invoke's software and
domain expertise for their Solvency II reporting.
More information: http://www.invoke-software.com
Contact details: Â Yasmine Tebaa, Â Invoke, +33-1-42-68-85-63
Photo:
http://photos.prnewswire.com/prnh/20150407/738754
Photo:http://photos.prnewswire.com/prnh/20150407/738754
http://photoarchive.ap.org/
Photo:http://photos.prnewswire.com/prnh/20150407/738754
http://photoarchive.ap.org/
Invoke Software
CONTACT: ytebaa@invoke.fr