RPC Consulting - Tyche
Type of System
- Capital modelling
- Catastrophe modelling
- Economic capital aggregation
- Economic / risk scenario generator
- Asset/liability management
- Data management
- End-to-end ERM
- Governance, risk, compliance (GRC)
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?
Costs vary depending on the scope and scale of the implementation. We provide a range of tools and libraries to ease transition to Tyche including TMG (an automated Excel to Tyche converter) primarily for life insurance, TCM (GI capital modelling), TPS (commercial lines pricing), TSF (standard formula), APE (asset and portfolio engine), and TCS (Tyche compute service – our fault tolerant and resilient grid compute server) and several others.
How long does your software take to implement on site?
Tyche can be installed and be up and running within minutes on a client site. Model development can start almost immediately with minimal training and implementation timeframes depending on the scope of work planned.
Please name companies that use the system/solution
We have 50+ market leading clients, including many across the London Market and global GI landscape, life and pensions. The latest company to select Tyche is Aviva for both their life and non-life modelling needs. Aviva joins other long-standing clients including Guy Carpenter, Partner Re, Pacific Life Re, Hiscox and Apollo, many with PRA or Lloyd’s approved models. We also license Tyche to the big 4 and other actuarial and accounting firms.
Most recent significant update:
Version 191 includes features that help users drill deeper into the data model underlying Tyche to help visually trace analytical dependencies that drive the results. 191 also includes enhancements to the Toolkits feature, which provides a flexible and efficient approach in the use of user specified general functions.
We have also released the TMG – the Tyche Model Generator - which provides a fast, secure and efficient method of developing and deploying Tyche models without the use of libraries or redundant code.
Models can be developed or converted from Excel templates that are either in existence within the business or quickly developed from templates provided by RPCC. This approach vastly reduces implementation and reconciliation efforts whilst also improving the business processes across the organisation.
Planned future enhancements:
Our Cambridge development teams constantly innovate to improve the user experience through technologies that reduce runtimes and improve usability.
We are developing a Linux engine option (for those seeking lower operating costs from their server infrastructure), and are building our next generation vectorising and grid compilers that will further reduce runtimes by an order of magnitude.
We are also working on innovative grid computing technology that allows low level analytical functions to process data “in-situ” across a grid – we call this Tyche Hive™ which transforms the scalability and reduces the memory requirements of extremely large models where, e.g. tail accuracy is sought, or where (say) nested stochastic may be beneficial.
How does your solution integrate with third-party systems or in-house systems?
Our key philosophy is openness – whether through the software interfaces we provide, or through our willingness to work with third party suppliers.
We provide web compatible API access into the Tyche engine which can be easily embedded into any third-party workflow framework. Tyche itself can also access third-party systems to ensure there is a continuous flow of data, calculations and results from start to end.
What is the key attribute of your product(s) that differentiates it from your competitors?
Tyche is faster, uses less hardware, and is extremely flexible. One platform to support all your modelling needs across non-life, life, reinsurance, pricing, reserving, capital and risk. Tyche materially lowers your total cost of ownership and transforms your business decision making process and throughput.
Tyche – The modelling platform for all your actuarial & risk needs where performance and reliability matter