Best actuarial modelling software: FIS Prophet
Finalists: ADDACTIS, OAC Mo.net
FIS' Prophet has been a mainstay of actuarial modelling systems, providing insurers with a complete solution for process management and risk analytics, supported by a global team of actuarial and risk management experts.
As an enterprise risk management system, it brings high performance, formal control, scheduling and automation to actuarial risk management – for both the smallest and very largest insurers.
Prophet has a breadth of functional coverage with more than 20 libraries for different aspects of the insurance industry, including annuities, general insurance, pensions and conventional products as well as sophisticated asset-liability management.
As new regulation has started to bite in Europe and the US, FIS has offered the ability to perform nested stochastic calculations and reuse the same model for many purposes. This supports valuation and projections models for compliance with both projected balance sheet regulations and principles-based reserving in the US.
In the words of one of our judges, it is a "market leader responding strongly to new requirements".
FIS' technology is valued by its clients, which include Vienna Insurance Group, AIA and New York Life.
Joe Peterson, vice-president at New York Life, chose Prophet as part of its programme to modernise its actuarial systems in preparation for principles-based reserving. "We decided that the advantage of a single platform solution was so significant, it made sense for us to partner with FIS in its development," he says.