(iWorks Prophet solution architecture.)
SunGard has announced iWorks Prophet GI, a solution the vendor says is designed to help property/casualty insurers better manage the complexity of risk modelling, improve their capital management and reserving decisions, and support their commercial growth strategies.
“As reflected in our global research findings, general insurers around the world have understood they need to continue to invest in data and tools to improve capital modelling with specific focus on actuarial risk,” comments Nicolas Michellod, senior analyst, Celent. “With the growing complexity of data that insurance companies have to deal with, a modern system like iWorks Prophet GI represents a strong alternative for insurers desiring to improve risk management.”
iWorks Prophet GI helps general insurers achieve accurate and reliable actuarial modelling results while overcoming the end-to-end data management challenges and over-reliance on spreadsheets that can hinder efficient model analysis, according to a SunGard statement. It operates alongside iWorks Prophet’s life insurance modelling capabilities to help insurers that write both classes improve operational efficiency, and gain more accuracy and consistency in their model results.
Many insurers continue to rely heavily on spreadsheets for risk modelling, placing an unnecessary operational stress on analysts and potentially leading to costly errors through ill-informed business decisions, according to Bill Diaz, president of SunGard’s insurance business. “The impact is exacerbated as models become more sophisticated and regulations drive greater volumes of risk information. SunGard’s iWorks Prophet GI provides the enterprise risk modelling framework, delivering the consistency and transparency of data management and analytics general insurers need to support growth and meet solvency capital mandates.”
iWorks Prophet GI is provided on premise or through SunGard’s iWorks Prophet Managed Hosted Service to help insurers reduce the operational burden on their in-house resources and manage costs more effectively, according to the vendor statement. SunGard has also launched a General Insurance professional consulting practice to help insurers optimize their use of financial modelling applications and address related risk modelling issues, such as model quality assurance for Solvency II.