Skip to main content
main content, press tab to continue
Success Story

Eliminating spreadsheets in the reporting process

December 2, 2022

WTW helps a life insurance multinational with automating its reporting process
Insurance Consulting and Technology
Insurer Solutions

The challenge

The client required a transformational improvement in the end-to-end Solvency II reporting process, due to concerns surrounding the implications of Brexit and the subsequent potential divergence of reporting regimes. This would in effect mean that the client would potentially have to report Solvency II twice (under both EU and UK), which they termed as “Dual Reporting”.

The existing process required significant manual effort and a large number of spreadsheets; the teams were already stretched with limited contingency in the working day timetable which would have been exacerbated under dual reporting.

Our approach

Our objective was to ensure that:

  • Our client could confidently meet the quarterly and annual EU and UK Solvency II reporting timelines
  • Capital sensitivities and capital forecasts could be delivered in an efficient and timely manner to facilitate Stress and Scenario testing, Business Planning, ORSA, etc.
  • More insightful analysis on capital forecasts and sensitivities, and performance measurement were available
  • Processes and controls were materially improved and cost efficiencies delivered

This was achieved by:

  • Upskilling the team through training and development, reviewing the mix of team members’ skills to facilitate agile model maintenance and analysis, and evolving the culture to focus more on value-add activity and continuous improvement
  • Limiting the use of Excel in production environment, being agile to allow timely changes in a controlled environment, accelerating end-to-end processes with capacity to deliver larger number of Solvency II results and maintain a high level of user understanding (i.e. no blackbox solution)
  • Ensuring that processes are efficient, easy to maintain, and well documented. Automating controls with emphasis on preventative controls and standardising processes, reporting formats and documentation

Benefits realised

Through our software Unify, automation benefits were delivered during Phase 1 of the project in two areas of the end-to-end reporting process:

  • Assumptions – improved and streamlined the assumptions process to work more efficiently with the actuarial liability models alongside supporting the storage and versioning of assumptions for dual reporting
  • Results extraction – Solvency II quarterly QRTs – Full re-design of the process with bridging connections to areas of the remaining Results Extraction process allowing for the effective automation of the required data uploads to the Group consolidation system

We will continue to work with the client through future phases of the project next year in order to automate further processes within their end-to-end reporting process.

How Unify improve and streamline assumptions process to work more efficiently
Unify workflow

Roger Chan
Regional Business Process Excellence Lead, APAC
email Email

Michael Wong
Regional Business Process Excellence Lead, APAC
email Email

Contact us