The Challenges
- Data Quality Management
The Solvency 2 reform brought about numerous constraints including increased volume of data, varying degrees of granularity, and stricter traceability requirements. Aréas needed an automated, transparent solution for data integrity and audit trails. - Efficiency and Speed in Reporting
As regulatory constraints escalated, Aréas sought a modern, digital solution for Solvency 2 reporting to streamline processes and focus on core business. - Dedicated Business Support
Implementing Solvency 2 required dedicated support to respond to new regulatory deadlines swiftly. Aréas needed solid technological and business support to produce first reports promptly and meet regulatory deadlines.
The Solutions
- Aréas adopted the latest Duck Creek Compliance for efficient Solvency 2 reporting, and to continue receiving the business support provided for Solvency 1.
- Duck Creek Compliance users have control over their data, and can perform quality and consistency checks throughout the reporting process.
- Swift transition to Solvency 2 regulations with Duck Creek Technologies, enabling the preparation of the first regulatory files in record time.
The Impacts
Time Savings And Efficiency
Automation of the end-to-end process, from data collection to delivering regulatory reports, resulted in significant time savings at every step.
Modern, Scalable Solution
Duck Creek Compliance is a modern, scalable solution that supports Aréas Assurances’ evolving needs. Duck Creek has helped Aréas stay in compliance as regulatory requirements continue to evolve.
Improved Data Quality
Aréas Assurances ensures full traceability of its data and operations in regulatory reporting. Data and supporting documents are centrally stored in the application, with transparent, automatic, and manual checks carried out regularly. Duck Creek Compliance teams provide continuous, personalized support, regulatory monitoring and expert assistance.
About The Customer
Aréas Assurances is an independent group composed of the mutual insurance companies Aréas Dommages and Aréas Vie. With €2 billion in assets under management and €500 million in revenue, Aréas governs over 1,300 agents and employees while also managing 500+ points of sale.
The Aréas Assurances Group represents the 7th largest network of insurance agents in France, with a strong presence throughout the country. The group is also a member of the AAM (Association Mutual Insurance Companies) and ROAM (Meeting of Mutual Insurance Organizations) and is one of the top mutual insurance companies in France.
Explore More
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Location
France
Industry
Auto Insurance
Health Care
Insurance
Life Insurance
Products/ Services Utilized
Compliance
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