FIS - Life, Health and Annuities: FIS Insurance Risk Suite
Type of system
- Asset/liability management
- Capital modelling
- Data management
- Economic / risk scenario generator
- End-to-end ERM
- IFRS 17 solution
- Internal/external reporting
- LDTI solution
- Pricing
- Reserving solution
- Solvency II solution
- Stress and scenario testing
- Other global regulatory and accounting standards
Type of platform
- Cloud
- Desktop-based
- Grid
- SaaS
- Server-based
- Web-based
Other features
- Curve-fitting
- Least-squares Monte Carlo
- NAIC Principle-based reserving
- NAIC RMORSA
- Replicating portfolios
- Solvency II internal model
- Solvency II standard formula
Has the product an open API? Yes / No?
Yes
What are the typical implementation costs for your product?
Implementation costs vary depending on the scope of the project. Most new clients moving to our system opt for our managed public cloud service, which makes for a much more streamlined implementation.
For an on-premise installation, costs vary according to how much of the end-to-end suite that a client has licensed and the risks and regulations the firm is looking to meet. Thanks to our extensive actuarial libraries, which cover life, health and annuities, as well as an extensive range of regions and regulations, clients can build new models very quickly.
The libraries cover most of the developed and developing insurance markets globally, as well as a range of products and regulations. Therefore, clients can build new models very quickly for managing their risk, launching new products and complying with regulations by using extensive out of the box functionality.
How long does your product take to implement on site?
Again, implementation timeframes vary according to the project’s scope and whether the solution is hosted in our managed cloud or on premise. But extensive out-of-the-box functionality and actuarial libraries make it easier for insurers to rapidly deploy our solution and develop risk models to meet internal risk needs as well as manage solvency regimes, IFRS 17 and LDTI.
Please name companies that use the system/product
We have over 1,000 customer sites around the world in more than 80 countries using the solution. We do not disclose all of our customers but a range of case studies is available.
Product summary: Please summarise your product’s key points for re/insurers in no more than 100 words.
FIS Insurance Risk Suite – Prophet is an enterprise risk management platform delivering high performance, scalability, and advanced automation for actuarial modelling. Available on-premises or in the cloud, it offers separate environments for model development and production, with full control and auditing capabilities. Designed to meet evolving regulatory needs and manage emerging risks like climate change, it enables businesses to build complex models with ease. Leveraging advanced computing and cloud-native technology, Prophet ensures faster processing, on-demand scalability, and cost reduction. Trusted by insurers globally, our well governed, extensive solutions empower organisations to adapt to an increasingly volatile market.
Website
www.fisglobal.com/products/fis-insurance-risk-suite
