Green13 Solutions - Iris Actuarial Platform
Type of system
- Analytics
- Asset/liability management
- Data management
- IFRS 17 solution
- Internal/external reporting
- LDTI solution
- Portfolio analysis/hedging
- Pricing
- Solvency II solution
- Spreadsheet risk management
- Stress and scenario testing
- Business planning
- ORSA
- BPA
- stochastic modelling, AI assisted modelling
Type of platform
- Cloud
- Desktop-based
- GPU
- Grid
- Server-based
- Web-based
- AI assisted
Other features
- Solvency II internal model
- Solvency II standard formula
- Matching adjustment, Cashflow Matching, Generative AI-assisted modelling
- can be configured by users for own purposes
Has the product an open API? Yes / No?
Yes
Iris features an open API and a suite of utilities that facilitate no-code orchestration of tasks across data management, connectors, calculations, and reporting. These functionalities can be accessed via any programme that supports command line or web requests, enhancing flexibility and connectivity.
Moreover, Iris supports the integration of external code, including Python, R, C#, VB.net, Node.js, VBS, and command line/batch scripts, allowing users to seamlessly incorporate external processes into Iris workflows. Iris also supports flexible storage connectivity.
Enhancing its versatility, Iris includes the Iris-Tools add-in for spreadsheets. This powerful tool enables users to leverage the Iris engine directly within spreadsheets to update, run models, or handle large-scale data queries—managing hundreds of millions of records and tens of gigabytes of data with the simplicity of spreadsheet functions.
What are the typical implementation costs for your product?
Costs of implementation are influenced by the project's scope and local market factors, and are established through agreements between our partners and the insurance companies.
We find that clients consistently find the licensing costs and cost of implementing Iris to be highly competitive and significantly lower than typically expected. This advantage is a direct result of the platform's flexibility, low code nature, rapid deployment capabilities, and comprehensive visibility of results throughout all stages of implementation, offering superior value and efficiency.
How long does your product take to implement on site?
Iris is designed for quick and straightforward implementation. The installation process is as easy as "unzip and run," allowing new users to set up the software within minutes. Following a brief training course, users are equipped to begin creating sophisticated cash flow models in just a few days.
Our system boasts robust tools for data transformation, quality management, and reporting, all integrated into a complete end-to-end process. Iris efficiently handles calculations for multiple-shock scenarios and IFRS17 compliance, streamlining the creation of comprehensive financial reporting.
For cloud environments, this uses standard AWS and Azure environments, so deployment is also fast and standardised.
Users have created, deployed, auto documented models, automated and prepared data ETL processing in as little as two days, from scratch.
Please name companies that use the system/product
Iris is the chosen actuarial platform for a diverse and growing user base including 24 countries, 60+ clients in 4 continents.
Specifically:
- Large Consolidator in Europe
- Three international consultancies, leveraging Iris both for in-house use and for actuarial outsourcing, including members of the big four accounting firms.
- Numerous consultancies across Africa, the European Union, Asia, and North America.
- A variety of direct clients in the EMEA region, featuring major insurers in Africa, Asia and the Middle East.
Product summary: Please summarise your product’s key points for re/insurers in no more than 100 words.
Iris is a low-code, high performance, end-to-end actuarial platform, utilising grid, cloud, AVX and GPU technologies.
The web-based modern GUI, allows users to manage, view, build and maintain actuarial process much faster than traditionally has been considered possible.
Iris is unique as:
- the same models can be used for ALM or Seriatim runs
- and can be used for all reporting puroses (deterministic, stochastic)
- integrates with open source and spreadsheet environments
- comes with AI assisted modelling converting product specs to Iris models
- GPU powered models sped up runs by many thousands of times per core.
Iris is a unique actuarial platform redefining the boundaries of the impossible.
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