Regulatory reporting software of the year: FIS
Property and casualty (P&C) insurers face several challenges. To start with, the scope and complexity of reserve calculations vary widely. On top of this, there are increasing regulatory and accounting demands from LDTI and IFRS 17 accounting standards.
In such an environment where the reporting process is under greater scrutiny from auditors, manual processes or spreadsheets can aggravate the situation.
To ease the pressure, FIS helps P&C insurers with its Prophet GI solution.
The tool can be deployed on-premise, as well as in the cloud.
Neil Covington, global head of GI, Insurance at FIS, says: "When you log in, it doesn't matter whether you're at home, in the office or in the car. As long as you've got a decent connection and a device, you can access your models."
The tool also helps insurers model several potential scenarios within a short period of time.
"If you've ever tried to tell a CEO or a CFO 'give me six weeks and I'll come back to you with that number', it doesn't fly. You've got to be able to do a lot and do it quickly," says Covington.
Looking ahead, Covington says FIS continues to listen to its customers throughout the pandemic and leverage on what it has learned through global reach.
"We have a good handle on the impacts in different regions and can see them coming through at different speeds and different times in different places. When you see something come through in one region and you know it's going to affect others, we look to share solution support globally for the benefit of all."
FIS's win comes after it won the LDTI solution of the year in InsuranceERM's Americas awards last year.
The provider also won actuarial modelling solution of the year in InsuranceERM's UK & Europe awards 2021.