InsuranceERM Annual Awards 2023 - Americas

Regulatory reporting software of the year: FIS

FIS scoops the regulatory reporting software of the year award for its Insurance Risk Suite (formerly Prophet).

The software enables insurers to perform reserving calculations and manage the reserving process both efficiently and consistently.

Able to deliver a full end-to-end solution for both LDTI and IFRS 17, the solution has a single platform for data management and storage, as well as financial calculations.

"Results and modelling processes are under greater scrutiny from auditors and there are often multiple reporting bases to contend with, and working in a manual or spreadsheet-based environment only compounds these growing challenges," a spokesperson for FIS explains.

The vendor's software helps ease these problems by giving firms a controlled environment for actuarial code and datasets.

The tool is designed to anticipate the needs of insurers, according to FIS. "It allows you, for example, to create data that supports dashboard reporting for comprehensible embedded reports," says the FIS spokesperson.

The solution is also flexible and can meet a range of needs. For example, subject to user permissions, the solution's actuarial code is fully open and transparent, making it easy to add further levels of detail or calculation items as needs evolve.

This means clients can build the process that exactly meets their needs and perform the exact calculations that suit their business, according to FIS.