SPECIALISTS IN FINANCIAL MANAGEMENT AND COMPLIANCE REPORTING SOFTWARE FOR INSURANCE

The Insurance Sector is unique. Regulation is inimitable. Reporting requirements are a challenge. We help insurance and reinsurance companies with accounting treatments, regulatory filing requirements, and Generally Accepted Accounting Practices (GAAP) to meet Governance requirements.

ORYX HELPS MAJOR INSURERS

FINANCIAL PROCESSES FOR INSURANCE AND REINSURANCE

ORYX Plan

The ORYX solution delivers financial plans – fast. Introduce modifications to your numbers to generate rapid scenario planning.

  • Underwriting calculations
  • Revenue earning patterns (GWP, GEP, Commissions)
  • UPR, IBNR and DAC calculations

The Reinsurance module supports the entry of all parameters and assumptions such as Quota, Share, Excess of loss, and FAC contracts in a user-friendly way.

  • Automatically calculate ceded premiums, losses, commissions and cashflow
  • Simple mechanism for adding and amending contracts
  • No need to pre-calculate detailed contract data, just add high-level assumptions
  • Data can be re-calculated immediately, showing the impact of changing assumptions without the need to rerun the plan

COMPLIANCE REPORTING

The ORYX solution supports insurance and re-insurance companies with the many reports (both public and privately reported), that they are required to present on their business.

  • SEC Reporting: 10k, 10Q, 8k
  • BoE/PRA Reporting: NST’s, IMO, MRS, SFR
  • SOX Compliant (Sign off and Approval workflow engine)
  • ESG Reporting (Non-financial data integration and KPI production)­­­

Expense Allocations

Have greater visibility and reporting and effective Expense Allocations with our rules-based allocation model.

  • No manual data entry with automatic and validated data directly from the source system(s)
  • Formalised allocation methodology, remove inconsistent rules and bad practices
  • Fully automate reconciliations, with audit trail back to the source expense data
  • Provide on demand reports and enable deep level analysis­­­
  • Capture new business requirements by easily modifying the allocation rules

Syndicate Regulatory Reporting

ORYX automates all your Lloyds of London reporting needs, so instant calculation, reporting and XBRL files.

  • GQD, LCR, PMDR
  • QMR (QMA, QMB, QMC)
  • RDS/RDL
  • SBF, SIS
  • TPD

Bordereau Reporting

ORYX provides Bordereau Reporting as standard. Be assured that you can provide timely and correct information to your re-insurer, whether it is for assets covered or claims paid. Our Reporting module has your requirements covered.

GAAP Reporting

ORYX supports the authoritative accounting principles and accepted practices for accounting and reporting transactions and activities.

STAT Reporting

ORYX supports operating insurance companies to produce reports including quarterly statements, disclosures and schedules with NAIC.

DIRECTIVES AND SOLUTIONS

SOLVENCY II

The Solvency II directive requires insurance companies to review their reporting solutions and processes. The three pillars of Solvency II firmly sets out the requirements - the ORYX Reporting functionality addresses the requirements outlined in all 3 pillars.

  • MCR, SCR calculations
  • Production of SFCR (Solvency & Financial Condition Report)
  • Technical Provisions

IFRS 17

Accountagility supports the IFRS 17 standard for insurance contracts, ensuring consistency, transparency and compatibility.

  • Automates IFRS 17 Reporting requirements
  • Includes automatic JNL production and posting back to the GL for the multiple IFRS 17 accounting adjustments
  • Integration across finance ERP’s, actuarial datasets and underwriting systems
  • Instant production of finalised PL and BS adhering to multiple fiscal periods (if required) showing movements (previous JNL’s), enabling drill down to transactional data and export to Excel

Get in touch

If you want to achieve more and provide better and more timely information to the business, we can help you.