FIS - FIS Insurance Risk Suite (formerly known as Prophet)
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
- Portfolio analysis/hedging
- Reserving solution
- Solvency II solution
- Stress and scenario testing
- Stress testing
- Assumptions management
Type of platform
Other features - does your offering facilitate
- IFRS 17
- Least-squares Monte Carlo
- NAIC Principle-based reserving
- NAIC RMORSA
- Replicating portfolios
- Solvency II internal model
- Solvency II standard formula
What are the typical implementation costs?
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 and cost effective 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 as well as the detail they wish to model for internal management of their business. Thanks to our extensive actuarial libraries, which cover life, health, annuity, retirement and general insurance/property and casualty (P&C), as well as a wider range of assets and corporate structures.
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 software 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/solution
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 here.
FIS® Insurance Risk Suite (formerly Prophet) brings flexibility, governance, performance, scale and automation to #actuarialmodelling in the cloud.