Zenith Actuarial - evo-insight - New Actuarial Modelling and Analytical Platform from Zenith
Type of System
- Analytics
- Asset/liability management
- Capital modelling
- Data management
- Economic capital aggregation
- IFRS 17 solution
- Portfolio analysis/hedging
- Solvency II solution
- Spreadsheet risk management
- Stress and scenario testing
- Stress testing
- PRIIPS, Matching Adjustment
Type of platform
- Cloud
- SaaS
- Server-based
- Web-based
Other features - does your offering facilitate
- Curve-fitting
- IFRS 17
- Least-squares Monte Carlo
- Solvency II standard formula
- Consumer Duty Checklist
What are the typical implementation costs?
The evo-insight platform not only provides no code models and analytics it also incorporates “out the box”, pre-built data management, workflow, asset, liability and capital analytics and reporting. Portfolios can be configured and deployed in just a few hours. Implementation costs are very low with the focus on configuring/parameterising the application rather than programming actuarial models and integrating multiple separate products.
We also offer bespoke modelling and advisory services.
How long does your software take to implement on site?
evo-insight is a cloud-based solution and hence immediately accessible via a web browser with no on-premises infrastructure.
Please name companies that use the system/solution
We do not provide individual client details. However, a range of insurers including those focused on a wide range of sectors such as protection writers, bulk purchase annuity, friendly societies and traditional life insurers are benefiting from evo-insight.
Most recent significant update:
evo-insight has been the major focus of our development in the last 18 months, and we will continue to enhance that platform.
We have also added a considerable number of new actuarial staff to our team and now are 40 plus people.
Planned future enhancements:
evo-insight is designed to provide out of the box applications and analytics which require configuration only - no coding is needed. We will continue to add to our suite of applications and analytics and to grow our advisory and consultancy services.
How does your solution integrate with third-party systems or in-house systems?
evo-insight is a modern Application Programming Interface (API) driven, web based, solution deployed on Azure. It comes complete with a set of pre-built adapters, facilitating seamless integration to third party or in-house solutions.
Clients can select applications from evo-insight’s App Store which can be deployed on a standalone basis or to supplement and integrate with existing systems via API calls.
What is the key attribute of your product(s) that differentiates it from your competitors?
We have four key differentitors:
1. All the evo-insight applications (models) are proven and implemented with insurers. But importantly they are pre-built requiring only configuration - no coding is needed. This means that aplications can be built and deployed rapidly and are fully maintained by Zenith.
2. Embedded Spreadsheets. evo-insight solves the problems associated with spreadsheets by embedding them within a powerful web application. Uniquely the application can embed any VBA macros, distribute processing across scalable compute infrastructure, store inputs and outputs and provide interactive results visualisations. This means stochastic and looped calculations for even the largest and most complex portfolios and sets of data points can run efficiently.
3. Another key differentiator of evo-insight is the powerful analytical capability packaged with the applications. This means that insightful reports and interactive dashboards can be generated directly from the results of the application. A combination pre-built and custom reports and dashboards provides users with graphical information and forecasting capabilities to aid decision making.
4. Finally all evo-insight applications run on Azure to provide security and compute power on demand.
What trends are you seeing in terms of customer demand?
What trends are you seeing in terms of customer demand?
Insurance is becoming more and more complex as the regulatory and competitive demands grow. IFRS 17/9, SII, ESG are all adding to the problem. Equally, there is greater scrutiny from the regulators in terms of data quality, validation of results and compacted reporting timescales. Finally, there is the pressure on reducing cost and driving more value out of the business.
Given the dynamics of the market the need to make insightful business decision rapidly is greater than ever before.
evo-insight is designed with these challenges in mind, as the no code application approach with full maintenance and documentation reduces costs and enhances compliance. Costs are further reduced by utilising the Azure environment where customers only pay for infrastructure they use. Importantly, the embedded analytics provide the insight that business users need to make business decisions.
Spreadsheets are always going to be used in insurance and finance, but there are inherent problems around governance, security, and performance. evo-insight solves this problem by effectively reusing the spreadsheet functionality by embedding within a powerful web application. evo-insight can also provide graphical reports and dashboards to provide the business insight needed.
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evo-insight is Zenith's new actuarial modelling and analytical platform. A key design principal is to rapidly deliver governed analytics into the hands of business users.
