Paris, June 23, 2020 – Prima Solutions, a software provider for insurance and reinsurance professionals, announces the launch of version 9 of Prima Compliance, its modular software platform for Solvency II compliance. Prima Compliance V9 is a completely redesigned solution now available in the cloud, featuring an intuitive interface for the best possible user experience. Prima Compliance V9 also incorporates Solvency II Pillars 1 and 3 within a single tool, along with an actuarial calculation module (formerly Ooliba), a regulatory reporting module (formerly Assuretat), and two ways of processing data when performing calculations: using user-generated Excel reports or using raw data processed through the platform itself.
For insurance and actuarial professionals, Solvency II compliance involves handling increasingly complex data in bulk. Not only that, regulatory requirements change every year, trending toward increasing constraints and primarily requiring that all data and calculations be traceable and auditable. This makes it crucial for insurance and actuarial professionals to be able to collect, integrate, and process such data quickly and securely for reporting purposes, while also allowing their operations to be traced.
“One year after the merger of Prima Solutions, Effisoft, and Ooliba, our R&D teams were able to improve the functionality of the industry-standard Assuretat and Ooliba software. We can now take full advantage of the group’s R&D synergy and integration capabilities for these products. We are excited about launching this new global solution to meet the needs of our customers,” says Julien Victor, CEO of Prima Solutions.
With Prima Compliance V9, these requirements are met within a single integrated tool that provides secure, automatic end-to-end reporting, covering all regulatory expectations to ensure constant compliance with regulatory changes.
A fully web-enabled, user-friendly solution for streamlined operations
This new version is available in the cloud and features a simplified, user-friendly interface for better usability. Less time is spent on each operation, meaning that users save time across the board, from adding data to the calculation engine to submitting XBRL envelopes on the regulator portal.
An integrated, modular solution that meets Solvency II requirements
The new version of Prima Compliance incorporates Pillar 1 actuarial calculations, Pillar 3 regulatory reporting, and Pillar 2 ORSA calculations, all in a single tool. Another distinguishing feature of version 9 is that its interface links the regulatory reporting module and the actuarial calculation module together.
This means that the actuarial calculation module generates all the Solvency II SCR/MCR standard formula calculations and carries them over to the reporting module. This process allows professionals to remain compliant with regulatory requirements by using an integrated, automated solution that provides greater data processing security and traceability.
End-to-end tracking of data processing with a reliable audit trail
This new version includes two ways of processing data, giving the platform the flexibility to adapt to how its users work. Prima Compliance V9 can generate reports both from user-generated Excel reports and from raw data retrieved directly from the customer’s information system. The process of generating regulatory statements is then automated from start to finish, providing a reliable audit trail and preserving transparency in its data processing.
Added features to meet market needs
The new version of Prima Compliance offers additional features specifically developed to simplify Solvency II reporting for insurance and reinsurance professionals. Prima Compliance now allows professionals who are subject to Solvency I requirements for some operations to calculate and justify moving from local GAAP (Solvency I) to Solvency II regulations. With a single tool, users can complete their full Prudential solvency ratio and produce all of the supporting documentation for the change in requirements.
The import and export functionalities have also been enhanced with more flexible settings, and improved access rights can now be used to fine-tune a working environment for a particular operation. Newly developed data extractions also allow users to instantly access their data at any point in the compliance process—as often as necessary—for further processing.