Insurance at every level

elipsLife AG


Introduction of a software solution that facilitates compliance with the additional consolidation and reporting requirements that have come into effect as a result of Solvency II; Mapping of multiple clients; Presentation in different currencies; Easy-to-maintain system; Representation of actual and planning data
Urs Lüthi, elipsLife AG

In a nutshell, what has impressed me most about LucaNet has been the following outstanding strengths, which really put the tool in a class apart from the other comparable software solutions on the market: Thanks to the high level of pre-configuration, the software can be implemented incredibly quickly, simply and at low cost. The tool is very well-developed; there are a great number of default business processes that have been predefined logically, ergonomically and without any contradictions. On top of that, customisation is easy and user-friendly, and can be applied to a wide range of processes and process variants.

Urs Lüthi , Head External Reporting  elipsLife AG
Logo: elipsLife AG

About the company

Provider of personal and life insurance
Triesen - Liechtenstein

As a provider of tailor-made life insurance solutions, elipsLife is subject to strict regulatory conditions. LucaNet software provides the enterprise with reliable support for the preparation and implementation of Solvency II requirements. Its consolidation and reporting work is now covered by a single database with no conversion problems.

elipsLife is a life insurance company for corporate clients that provides all kinds of insurance to cover the financial consequences of illness and injury. A Swiss Re company, elipsLife is based in Triesen (Liechtenstein) and has branches in Zurich (Switzerland), Amstelveen (Netherlands), Cologne (Germany) and Rome (Italy). 

The Solvency II challenge

One of the defining regulatory factors for elipsLife is Solvency II. In certain areas, Solvency II enforces much stricter requirements for the preparation of financial data – in terms of both scope and speed. In order to fulfil these requirements, the Liechtenstein-based life insurance company has brought in LucaNet software to help with its consolidation, planning and reporting. 


From the initial enquiry to the final signing of the contract, the entire decision-making process for LucaNet only took about four months, during which the insurance company also received a live presentation on its own premises and plenty of information on relevant reference customers.

Software features

"LucaNet is a well-developed, long-term software solution that can be implemented extremely quickly. Thanks to the high number of pre-configured settings, the workload for installing it is very manageable. We were also provided with an expert consultant who was able to provide us with plenty of support for handling the software. The cost level that LucaNet offers was also very reasonable, and important for our final decision," explains Urs Lüthi, Head of External Reporting at elipsLife.


The transaction figures and balances were imported by ledger account from the source system, ABACUS, while the interface was installed and set up very quickly and with a minimum of fuss.


"This allowed us to put the LucaNet tool to use in no time at all. On top of that, very little training was required thanks to LucaNet's incredibly simple, intuitive operation," Lüthi continues, summing up the software implementation process.

Practical consolidation process

elipsLife generates its annual financial statements in accordance with the requirements of Liechtenstein's Person and Company Law (Personen- und Gesellschaftsrecht/PGR) and the regulations of the Insurance Supervision Act (Versicherungsaufsichtsgesetz) and the Insurance Supervision Ordinance (Versicherungsaufsichtsverordnung). In future, it also plans to produce financial statements in accordance with US GAAP – which is no problem in LucaNet, thanks to the option for parallel creation of consolidated financial statements according to any standards.


LucaNet's intuitive operating interface and clear data model layout make every step of the process simpler and more efficient when drawing up consolidated financial statements. For elipsLife, this means that the entire consolidation process now only takes one working day – as opposed to five before the LucaNet solution was introduced.


Beyond this, LucaNet's fully integrated currency conversion is also important to elipsLife, as it automatically converts figures from companies that work in foreign currencies into the group currency – in this case, Swiss Francs. All the delta currency effects from every area are calculated and indicated transparently. 

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