Best actuarial modelling solution: FIS, Prophet
Prophet's long standing, well-resourced modelling solution consistently make it a strong candidate in this category.
But for our judging panel, Prophet's global coverage and penetration made it stand out as the winner.
It is used by more than 10,000 insurance professionals globally across nearly 1,000 sites in over 70 countries.
Regulatory change is a key area where Prophet aims to support clients. In 2018, for example, after more than four years of adapting Prophet for the IFRS 17 acccounting standard, it issued multiple IFRS 17 updates, including to its group calculations library.
For US insurers, the team also provided support for the targeted improvements to long duration contracts (LDTI) under US GAAP.
FIS's software is helping insurers meet IFRS 17 requirements by providing full calculations and a comprehensive data management solution, including grouping of data and integration with the sub-ledger or general ledger, and holistic process control solutions.
Given the similarities between IFRS 17 and US GAAP LDTI, FIS has followed the same roadmap to build out its LDTI solution.
It completed updates to the underlying calculations in Q4 2018 and has presented an end-to-end solution to most US clients.
As insurers look improve their modelling capabilities and meet new regulatory requirements, clients have appreciated the ability to perform nested calculations and reuse the same model for many purposes, supporting calculations and projections.
The business has also established strategic partnerships on IFRS 17 with SAP and Deloitte and is working with other similar vendors.
The judges said Prophet is a well-resourced modelling solution with "global coverage and penetration".