Escali Blog

The secret to successful reporting – it’s in the cloud

Nov 24, 2020 5:01:20 PM / by Andrew Sweetmore

Software and applications are increasingly making use of cloud storage. Almost everyone makes use of this convenient technology in their everyday lives, whether it be to backup the data on their mobile phone or store photographs and other data.

Businesses are also coming around to the idea that cloud-based software is the best solution going forward. When it comes to financial reporting, for example EIOPA and Solvency II reports, a cloud solution comes into its own.

There are many benefits of using cloud software for reporting purposes. In this article we explore some of them.

Flexibility

With reporting software in the cloud you’re not tied down to your office desk/computer. Need to do some last-minute changes to the report during the weekend? No problem! Just log on to any computer and access the software online.

Assistance

A cloud platform makes it easy to acquire extra assistance if needed. This can be helpful when

  • Key personnel are absent
  • You need to solve a complex problem and lack the competence inhouse
  • Lack resources
  • Need support using the software

Internal or external resources can be given access to the data either on a read-only or read-write basis.

Maintenance

With cloud software, maintenance is outsourced to the supplier who knows the software in and out. Updates can be performed at any time ensuring you always have the latest version. Performance is automatically monitored, and any issues can be addressed remotely. Often technical issues can be fixed in the background before you even notice a reduction in performance. This ensures that your software functions well and is up to date.

Remote backup

Backups of your database can be set up regularly. This way, you’re certain not to lose any data and if you make a mistake, it is easy to rectify.

Security

Cloud solutions comes with a very high degree of data security. All trustworthy cloud platforms are annually security audited by external and independent bodies.

Tags: EIOPA Reporting, Solvency II reporting, Cloud Software

Andrew Sweetmore

Written by Andrew Sweetmore

Head of Business Development for pensions and insurance, Andrew has over 20 years experience within this sector. Having previously worked as a pension Scheme Actuary in the UK, Andrew now leads our pensions and insurance team.