By choosing Keylane Valuation, Forca attained a solid solution that ensures compliance, automated business processes and short time-to-market, enabling Forca’s customers to focus more on business development and less on operations.
Forca wanted to offer their customers a solution that was compliant with legal requirements and could carry out automated calculations as well as provide timely reporting. In addition, the solution had to be built in modules, which could be isolated and adapted to individual partial deliveries for accounting and Solvency II.
After a thorough examination of the market, Forca made an agreement with Keylane to implement Valuation, a proven calculation system that supports Solvency II legislation and accounting proclamation while ensuring efficient processes and complete audit trail.
Valuation enables standardised calculation methods for calculation of cash flows for use with market value provisions, capital requirements and stress tests. The liability side can be modulated effectively and flexibly by using cash flows, which is the starting point for all calculations.
With Valuation and Forca’s solution, all Forca customers, in a single flow, can calculate detailed expectations for future cash flows, discounted cash flows, provisions, capital requirements and form clear reporting data and report forms, called QRT’er which are reported to The European Insurance and Occupational Pensions Authority (EIOPA).
Forca’s solution is modular which allows Forca’s customers to choose their overall solution with financial statements, solvency calculations and reporting, or simply make use of individual modules such as cash flows.
Whether customers choose all or only part of the solution, they get many advantages including cost reductions because Forca is managing and operating the entire solution.
We now have complete foundation for accounting and reporting with full audit trail.
Forca has developed a full service solution for Solvency II on top of Valuation, which generates detailed and versioned provision and risk calculations. This ensures that Forca’s customers always fulfil supervisors’ requirements for reporting. Forca’s customers already use this SAS-based full service solution that Forca naturally also offers to other relevant businesses.
Forca serves over 650,000 members with services and advice.
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”Using Keylane Valuation as the foundation, we have implemented a Solvency II solution, which has greatly streamlined Forca’s processes and increased efficiency.
The automation ensures greater operational robustness and more reliable data to customers. For Forca’s customers this means that detailed capital requirements, provisions, expected future pay-flows and discounted cash flows are handled in one flow, and that QRT’s are prepared for EIOPA reporting.
We are very pleased with the combined solution and have enjoyed a smooth and effective implementation process in collaboration with Keylane.”
Lene Mortensen, Insurance Director at Forca