VistaOne Solutions, a division of Netik rebrand CoreOne Technologies, has pulled together some of its existing software and service technologies to deliver a hosted end-to-end packaged solution for Solvency II compliance. The offering is expected to be the first of many, with VistaOne planning to package the vReporter data management and reporting software it acquired with ConnectNet last year and deliver not only an out-of-the-box solution for Solvency II, but also similar solutions for areas such as fund administration, asset management and risk management.
The company’s vSolvencyII product powered by vReporter is pretty much ready to go. It needs more XBRL outputs, which are being built. But the dashboard and workflow are configured and the company is talking to potential insurance and asset management users in the UK and continental Europe as the January 2013 deadline to start reporting in line with Solvency II approaches.
According to Brian Lott, global head of product for VistaOne Solutions, “We started looking at Solvency II about 18 months ago, talking to clients who were beginning to implement solutions for Solvency II and talking about building an end-to-end hosted solution. vSolvency II is based on our existing technology and consumes data sets that we already support, making it a logical extension of our technology.”
While a number of VistaOne clients are implementing their own Solvency II solutions using the company’s in-house install vData data management platform and reporting facilities, Lott expects some of these to move to vSolvency II. He also expects to attract new clients with the packaged and hosted solution. For clients wanting to keep reporting processes in-house, there are plans to create an install version of vReporter, which should be available towards the middle of 2013.
Meanwhile, vReporter forms the engine for vSolvency II, which provides end-to-end reporting capabilities, data aggregation and drill down, and support for firms to prepare rules-based workflow to automate the preparation of data, exception management and audit controls. The workflow also fulfils quantitative reporting templates that are required to produce Solvency II Regular Supervisory Reports and Solvency and Financial Condition Reports.
Commenting on the company’s decision to package solutions, Lott says: “This is the first time we have taken what we have and put it in one generic hosted package. This approach eases implementation for customers and gives them early value from technology. It also reduces time to market and means we can change the way the software operates as the industry changes, again giving customers a solution faster.”
Initial implementations of vSolvency II are expected to be made in the fourth quarter for three or four clients. Lott doesn’t have a schedule for the availability of other packaged products, but says: “We will then extend our packaged products to cover other verticals in capital markets.”