Menzis, the third-largest health insurance company in the Netherlands with 2.1 million customers and over 2,500 employees, faced significant challenges in financial reporting. The company relied heavily on Excel and Word for calculations, quarterly and annual statements, and qualitative reporting.

This manual process was time-consuming, prone to errors, and made maintaining an audit trail difficult. With pressing Solvency II regulations, Menzis realized that its existing reporting methods would no longer be sustainable.

Menzis selected CCH Tagetik to replace its Excel-based reporting environment with a standardized solution covering both traditional financial reporting and Solvency II requirements.

Phase 1: Focused on automating quarterly and annual financial statements. Menzis configured the system largely internally, empowering staff and integrating deep knowledge of the company’s processes. By the end of phase 1, all financial tables and narratives were automated in Tagetik, improving efficiency, accuracy, and transparency.

Phase 2: Implemented Tagetik’s pre-packaged Solvency II solution to ensure compliance with pillar 1 and pillar 3. The team configured ETL processes to transfer data from existing systems into Tagetik, prepared mapping tables, and executed testing to validate the Solvency Capital Requirement (SCR) calculations and QRT tables. Detailed documentation ensured audit readiness and compliance.

Results:

  • A unified, “one-version-of-the-truth” reporting environment
  • Major reduction in manual Excel processes
  • Improved data quality, transparency, and control
  • Regulatory compliance with Solvency II
  • Reduced dependency on individual staff and streamlined workflows
  • A flexible foundation ready for future reporting and analytical initiatives

By turning Solvency II from a regulatory obligation into an opportunity, Menzis not only ensured compliance but also strengthened reporting processes, reduced risk, and improved efficiency across the organization.

Martin Hemmen, Manager Finance at Menzis:
"Tagetik has enabled us to streamline our reporting, reduce manual effort, and ensure regulatory compliance, while empowering our team to take ownership of the processes."