Actuarial modelling solution of the year: FIS
Insurers face the challenge of having to adapt quickly to an ever-changing market, and FIS helps firms do just that.
FIS's Insurance Risk Suite, which was formerly known as Prophet, facilitates a wide range of modelling and processing capabilities, and allow users to quickly build complex actuarial models to meet their needs.
Martin Sarjeant, senior vice president, product management, insurance, FIS, says: "With out-of-the-box solutions for all markets and lines of business, the solution allows actuaries to build complex models quickly and to their exact business requirements, for internal risk management and external reporting."
One client praised the suite for its completeness of offering across actuarial modelling, data management, reporting and accounting.
The solution, which is available on-premise and in the cloud, is supported by a global team of actuarial, risk management and technology experts. In 2021, FIS introduced additional diagnostic capabilities that allow users to better understand the performance of every aspect of their model – from individual calculations variables to entire model structures.
FIS has also made improvements to the Insurance Risk Suite to help insurers cope with increasing data and computational loads. The firm says: "Over the next year, we will continue to investigate ways to better distribute models over multiple compute resources, further improve runtimes and make the best use of cloud resources."
The suite has proven to be popular across both sides of the Atlantic. FIS won actuarial modelling solution of the year in InsuranceERM's UK & Europe Awards and regulatory reporting software of the year in InsuranceERM's Americas Awards in 2021.