Case Study

The Slovenian Insurance Supervision Authority

The Client

Slovenia joined the EU in 2004 and is a member of the Eurozone. The AZN is a government agency, reporting to the Ministry of Finance, and is responsible for supervising the following types of financial entities in Slovenia:

• Life insurance companies
• Non-Life insurance companies
• Pension funds
• Reinsurance companies

Project Description

Vizor Software was implemented at the AZN to provide an online insurance supervision system to automate the collection, processing, analysis and publication of the following types of data from supervised entities:

• Quarterly and annual statistical data
• Quarterly and annual financial statements (including unaudited and audited revisions)
• Quarterly solvency data
• Quarterly investment data
• Quarterly EU cross-border business activity data

In addition, the AZN required the capability to define and add new data requirements to the system over time, without the need to recourse to Vizor.

The highlights of the implemented system are as follows:

Vizor Portal

• Supervised entities use Vizor Portal to submit all financial supervisory data online, including complex multi-dimensional data.
• Supervised entities are automatically notified via email when new supervisory data is due to be submitted.
• Supervised entities can either enter supervisory data via online web forms or XML file upload.
• Complex validation rules and warnings are enforced prior to acceptance of data submission. On failure of rules, detailed error messages are provided with cell highlighting.
• Supervised Entities can print completed data submissions in formatted PDF for the purposed of hardcopy retention.
• All accepted submissions are locked, stored to a database and made available for viewing through the ‘submission history’ feature. Supervised entities can request resubmission where submitted data is found to be erroneous.
• Vizor Portal is available in both the English and Slovenian languages, with extensive online help.
• User access is controlled through granular role-based user permissions, enabling regulated entities to create and manage their own users and sub-users.

Vizor Supervision Centre

• On acceptance, submitted data is marked as ready for review and the AZN Supervisor responsible for reviewing that type of data is notified via email.
• The AZN Supervisor uses Vizor Supervision Centre to review financial supervisory data. Granular role-based user permissions control access to certain types of supervisory data.
• The AZN Supervisor can search for and review all submitted data via online web forms, regardless of data entry method used by supervised entity.
• Automatic data analysis can be run against the submitted data (solvency ratios, feasibility analysis etc.).
• Once data review is complete, data can be automatically aggregated and summarised in various formats for publication.
• All data can be exported to MS Excel or PDF format.
• Data reporting scheduling, supervised entity details, groups and users can be administered through Vizor Supervision Centre.

Vizor Builder

• The AZN Supervisor uses Vizor Builder to manage all financial supervisory metadata.
• Data models for returns can be designed and maintained using the Schema Builder.
• Online web forms that map to the data models can be designed and maintained using the Form Designer.
• Reports that comprehensively analyse, summarise and aggregate the data are designed and maintained using the Report Designer.
• The AZN Supervisor can deploy changes to financial supervisory metadata using the Release Builder.

The Outcome

Vizor Software has been live to the supervised industry since January 2008. AZN have achieved significant reductions in data processing time since the introduction of the system, along with a significant increase in data quality and accessibility.

In addition to this, AZN have made multiple amendments to the system using the Vizor Builder, and have not had to engage Vizor for additional services beyond the standard support contract to achieve this.

AZN are extremely satisfied with the system and have acted as a reference for Vizor on several occasions.

In early 2011, AZN selected Vizor as its preferred supplier to implement an online supervision solution for Solvency II, the new EU-wide insurance supervision regime to be introduced in January 2013. This will largely involve configuring the current Vizor Solution to allow upload and export of XBRL instance files, which will be parsed against the Solvency II QRT XBRL taxonomy (when published), using the Vizor Software XBRL Parser. The Solvency II implementation will also maintain System of Governance, Own Risk & Solvency Assessment (ORSA) data, and provide support for internal Solvency Capital Requirement (SCR) models in addition to the standard model.

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