Challenge

As the European insurance sector prepared for the new Solvency II framework, TVM Insurance faced challenges in its financial reporting. The insurer relied on complex, interconnected Excel spreadsheets, which led to:

  • Lengthy closing and reporting cycles
  • High dependency on a few key individuals
  • Limited audit trail and traceability
  • Insufficient security and data quality
  • Lack of readiness for Solvency II requirements

With Solvency II regulations changing frequently, TVM needed a robust, future-proof solution to ensure compliance and strengthen its reporting processes.

Solution

TVM selected CCH Tagetik’s Solvency II pre-packaged solution to replace its Excel-based reporting environment. The standardized solution included built-in calculations for Solvency II capital requirements and mandatory regulatory reports, enabling TVM to move to a single, integrated reporting platform.

The implementation was phased:

  1. Phase 1 – Focus on automating quarterly and annual financial statements, building a reliable data model, and securing knowledge within the finance team.
  2. Phase 2 – Implementation of Solvency II capital calculations (Pillar 1) and reporting (Pillar 3), including compliance with local requirements from De Nederlandsche Bank.
  3. Phase 3 – Leveraging the system for management reporting and scenario analysis, ensuring flexibility for future needs.

Results

By implementing CCH Tagetik, TVM achieved:

  • One version of the truth – a single, reliable source for all reporting
  • Improved efficiency – automation of reports freed up time for analysis
  • Enhanced auditability – strong audit trail and drill-through functionality
  • Higher data quality – better traceability, security, and consistency
  • Regulatory compliance – full alignment with Solvency II reporting requirements

"The project team had a good mix of TVM and Tagetik expertise, which ensured the implementation was successful. Of course, we encountered some bottlenecks, but they were effectively resolved. The implementation has significantly improved the quality of our reporting process, enabling Finance to increase its added value to the organization."
— Emile Kaal, Director of Finance & Organization, TVM Insurance