As a provider of insurance products in Germany and Austria, Standard Life, one of the largest European life insurers, is obliged to meet the requirements of the PRIIP Regulation. In mid-2018, the insurer’s German regional office was looking for a solution that could automatically generate PRIIP documents, calculate the required key figures, and manage all its PRIIP-liable insurance products in a constantly changing regulatory environment.
vwd was successful in meeting their requirements for an outsourcing solution from a certified provider able to offer everything from a single source.
Standard Life uses vwd's "fully managed" PRIIP service, which commenced operation in December 2018, for the generation, provision and administration of PRIIP documents.
As well as the complete calculation of the mandatory PRIIP key figures for insurance products and in-house funds, vwd also prepares PRIIP data for third-party funds (EPT or CEPT data) for the KID creation of investment options, and provides them to Standard Life as a PDF file. The highly flexible vwd interfaces make it possible to comprehensively process the various formats from different sources and make them available in a uniform fashion.
Using vwd's PRIIP service, Standard Life is now in a position to create regulatory-compliant documents for the investment options of external funds simply and quickly, without having to resort to the still applicable key investor information. As a consequence, the insurer is flexible with regard to both content and design within the regulatory requirements.
"This makes us one of the first insurers on the German market to have such a comprehensive platform solution at our disposal. We are extremely proud of this pioneering role and the exceptionally swift implementation of this project in cooperation with vwd. Incidentally, the BVI (Federal Association for Investment and Asset Management) shares this view. On the occasion of its Investment and Asset Manager Event on November 27, 2018 in Frankfurt, the project was highly commended by the BVI as well as some 40 industry representatives", Johanna Bröker, Standard Life Germany, stresses.
"The vwd PRIIP service made it possible for us to further automate our processes, thus once again increasing our employees' manpower for our core business, insurance. In addition, it now provides us with a future-proof and reliable solution to permanently meet the high regulatory requirements in this area with as little effort as possible while fulfilling the market standard," Johanna Bröker, Standard Life Germany adds.