Generali CEE

Generali CEE Holding is one of the biggest insurance company in the Central and Eastern European market

IFRS data collection for the holding with fully automatic data validations

Company website
http://www.generalicee.com/en/

Headquarters
Prague, Czech Republic

Industry
Insurance

Products and services
Insurance and financial services





Business need
Companies of the Generali Holding have to report their individual data to the holding, for the purpose of mandatory IFRS and Solvency reporting. The requirements on detail and quality of data are highly challenging and so is the time frame available for the close. Generali CEE management decided to find a single solution, which would help all the companies in CEE region in providing timely and quality data for the holding.

Resolution
Initially for Česká Pojišťovna and later for other 30 Generali CEE Holding companies, we built a SAP BPC application which optimizes most of the tasks related to the group reporting. Moreover, we created an integral central database of financial instruments (which serves also as a precursor to certain financial data required by IFRS / Solvency reporting) so that to leverage the effectivity of the SAP BPC investment even more.

The project has been delivered by consultants of the MIBCON Group.

Key benefits

  • Automatic validations of data consisting of thousands of checks defined centrally by business users of the holding. In a minute, a company knows about all formal errors present in its data.
  • Fast and accurate closings meeting IFRS requirements.
  • Highly efficient reporting process freeing-up time and resources for planning (which is also covered by BPC in Česká pojišťovna).
  • Ability to include any number of simultaneously contributing departments into the data collection process.
  • Built-in security and transparency – full control over individual or department access to data and complete audit trail of data and system changes.

Key features

  • Data and notes collection for IFRS reporting, Solvency II - Pillar III reporting and Quantitative Reporting Templates (QRTs).
  • Central database of financial instruments.
  • Automatic formal corrections of imported data.
  • Guided value entries and input checks.
  • Centralized security management enhanced with self-service management of responsibility for accounts within an individual company.
  • Extremely fast calculations, validations and allocations in the back-end.