Conning - ADVISE® Enterprise Risk Modeler
Type of System
- Capital modelling
- Catastrophe modelling
- Economic capital aggregation
- Economic / risk scenario generator
- Exposure management
- Operational risk management
- Risk management
- Stress testing
- Asset/liability management
- End-to-end ERM
- Solvency II solution
- Internal/external reporting
- Portfolio analysis/hedging
Type of platform
Other features - the offering facilitates:
- Least-squares Monte Carlo
- Replicating portfolios
- NAIC RMORSA
- NAIC Principle-based reserving
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
What are the typical implementation costs?
The annual subscription fee depends upon client requirements. Variables include number of users, geographic installations and economies modelled.
How long does your software take to implement on site?
The software can be downloaded, installed, and licensed in less than an hour. Implementation time is dependent on client needs and is proportional to desired depth and breadth of model elements.
Most recent significant update:
With the release of version 7.0, ADVISE® Enterprise Risk Modeler is now fully cloud computing capable, a service ready to be turned on when it is needed, with no cost of ownership when it is not. Because of economies of scale, cloud computing allows simulations to be run at a speed that would be prohibitively expensive to achieve with a dedicated in-house system, enabling larger and therefore more informative simulations than were previously practical.
Planned future enhancements:
Support for browser-based front-end user interfaces with d3-based charting, ongoing development to address regulatory changes, ongoing development of calibration targets.
How does your solution integrate with third-party systems or in-house systems?
Inputs to our model can be populated via import/export from text files formatted appropriately to be read by our system. These can be fed into ADVISE® Enterprise Risk Modeler with a simple menu command or under programmatic control via our command line interface. The command-line interface enables users to automate the process of data collection, calibration, scenario production, extraction and validation in a simple and intuitive way. Simulation results can be exported to flat files, following user-defined templates that control the field names, formatting and naming conventions of the files. Pre-defined templates exist for exporting ADVISE® scenarios to major actuarial systems such as Prophet and MG-ALFA.
What is the key attribute of your product(s) that differentiates it from your competitors?
ADVISE® Enterprise Risk Modeler is a robust, stochastic asset-liability modelling system that provides all the functionality required for Solvency II risk modelling and is a multi-line solution across multiple portfolios and entities. It includes all the differentiating characteristics of the GEMS® Economic Scenario Generator, with robust capital markets/investment risk analyses. ADVISE® is designed for full enterprise risk modelling for property/casualty and health insurers, with functionality for modelling select life products. ADVISE® provides a built-in framework for accounting, cash flows, and management of assets and liabilities. Applications include measurement of capital volatility and adequacy, capital allocation, strategic asset allocation, and asset-liability management.
Conning’s ADVISE® is a comprehensive financial simulation engine for optimizing decision-making across an entire company.