Paris, France, October 29, 2012 –(PR.com)– A tactical ”push-button” solution for generating, validating and tracking Pillar 3 reports in XBRL format, the e-Filing Insurance declarative web portal allows regulated firms, particularly smaller entities, to leverage their existing IT architectures and to preserve their workflow and processes. With this full-web SaaS solution, end-users are instantly up-an-running using a simple Internet
browser. Furthermore, as no installation or training is required, the investment required is minimal.
”A smaller insurer with a limited number of business lines will clearly not adopt the same project strategy for managing the transition to Solvency II as a major international group, explains Antoine Bourdais, Director of the Banking, Insurance & XBRL Division at Invoke. Smaller firms, particularly those that only need to report a subset of the total number of regulatory tables, are looking for light solutions that will allow them to alleviate the XBRL pain‑point of Pillar 3. There is a clear need for a no-nonsense tactical application that simply generates the required reports in the mandatory XBRL format without requiring firms to revolutionize their existing information system. Sensitive to market feedback, Invoke is launching e-Filing Insurance, a full-web SaaS portal solution that specifically caters to the needs of smaller regulated firms that are affected by the complex reporting obligations contained in the Solvency II Directive.”
e-Filing Insurance allows users to generate their Pillar 3 XBRL reports online using a straightforward 5-step process:
• Filing calendar management. The regulatory timetable allows users to track submissions and also defines each user’s work environment for each user.
• Online direct input. The regulatory reporting templates available in the portal environment can either be populated manually or via a direct import from Excel.
• Online validation. Regulator-imposed controls are checked online and in real-time using cutting-edge XBRL technology.
• Online electronic signature. Authorized users can electronically sign documents online.
• XBRL download feature. XBRL instance documents that are complete, valid and signed can beOnce the user account is activated by Invoke, the cloud-based e-Filing Insurance portal application is instantly up-and-running.
Pioneering and pragmatic, e-Filing Insurance offers measurable value-adds,
such as:
Straightforward set-up with no technical pre-requisites on end-user workstations
- Intuitive interface that requires minimal training
- Centralized and permanent access to regulatory submissions
- Reliable data validated in real-time
- Full control of the regulatory filing-calendar
- Guaranteed regulatory maintenance
”All Invoke reporting software is built around cutting-edge native XBRL technology, which allows us to demonstrate unparalleled reactivity and reduced lead-times when implementing regulatory upgrades. Simple configuration modifications, validated by functional experts, are all that is required for our software to be immediately updated. This flexibility allows us
to deliver upgrades to our clients in the space of a few days from the date of publication by a regulator of a new taxonomy version, which is an incredible asset in regard to Solvency II, as the regulatory framework will undoubtedly undergo a series of adjustments in the early phases of implementation.
Invoke’s native XBRL technology is the fruit of over ten years’ Research & Development, with an in-house team dedicated to working with the XBRL standard. Invoke continues to reinvest approximately a third of the company’s annual turnover in R&D, in order to maintain its position as market-leader through ongoing innovation,” concludes Antoine Bourdais.
About Invoke
Founded in 2001, lnvoke develops specialized software for managing financial, tax and regulatory information. Well-established as a key player in the international regulatory reporting sphere, Invoke sets itself apart by driving the company’s technological lead through continuous innovation. The resulting software is unique and showcases the latest reading, editing, production and validation technologies for application to financial data in XBRL format.
Having specialized in regulatory reporting over a number of years, Invoke delivers cutting-edge solutions and is the partner of choice for international supervisory bodies (ACP, Deutsche Bundesbank, …), for groups in the banking
sector falling under the scope of both local and European regulatory imperatives (Crédit Agricole, BPCE, Dexia, Danske Bank, …), and for insurance companies concerned with Pillar 3 reporting within the framework of the Solvency 2 Directive.
Invoke is a founding member of the professional association, XBRL France, and is a direct member of the XBRL International consortium. Invoke’s growing client base is today comprised of over 1,800 groups and national supervisory authorities, both domestically in France and abroad.
For more information: www.invokesoftware.com
Contact Information:
INVOKE
Yasmine Tebaa
33 1 42 68 85 60
Contact via Email
http://www.invokesoftware.com
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