Prophet - FIS

Type of System

  • Asset/liability management
  • Capital modelling
  • Data management
  • Economic capital aggregation
  • End-to-end ERM or Solvency II solution
  • Governance, risk, compliance
  • Portfolio analysis/hedging
  • Risk Management
  • Pricing and reserving

Type of Platform

  • Cloud
  • Desktop-based
  • Server-based
  • Grid
  • SaaS

Most recent significant updates:

Our latest Prophet enhancements focus on achieving faster close and client cost reductions by reducing calculations times and operational risk. Key features include conditional recalculation of stochastic/scenario-based balance sheets, improvements to the data management platforms and more streamlined promotion of production workflows. In addition:

The release of Prophet Control Centre for process control and workflow

An extension of Prophet's core libraries to cover many of the calculations required for IFRS 17. We also added a new actuarial library, the IFRS 17 Group Calculations library.

Enhanced functionality to support Principles-Based Reserving (PBR).

Enhancements to our general insurance/P&C solutions to improve usability and further support challenges such as IFRS 17 and multivariate curve fitting.

The release of Prophet's new library U.S. Life & Annuity 360, which provides for a single platform for both projections and valuations.

Planned future enhancements:

Key focus areas include:

Further deepening insurance regulation-oriented functionality.

Data management – providing new features to structure risk management data, as well as automating many of the data management processes required to produce it. The results of the risk models will be increasingly accessible and understandable to a much wider audience, through the use of data management and business intelligence tools.

New technologies – such as AVX and distributed data platforms, to increase throughput, and manage larger data volumes more effectively.

Aligning services – both on the technology side and actuarial services side, to help customers gain greater value and performance from their risk management investments.

Outsourcing and managed services – to help insurers manage peak volumes, reduce costs and access the expertise they need, when they need it.

Widen the risk types and risk classes modelled – either by extensions to Prophet or tighter integration with other FIS risk products, for example, Prophet feeding FIS' APT solution with cash flows for investment benchmarking. Also, this year we improved the integration with FIS' Front Arena to help insurers looking to hedge their risk exposures on insurance products with guarantees such as variable annuities.

Other Features

The offering facilitates

  • Curve-fitting
  • Least-squares Monte Carlo
  • NAIC's RMORSA
  • Solvency II standard formula
  • Solvency II internal model
  • Replicating portfolios

Integration with third-party or in-house systems?

The Prophet suite integrates in all areas through the Prophet Data Management Platform, on the left hand side through data-cleaning and binding/management of assumptions, through to the right hand side with the Results Database and Data Repository; all offering a drill back from results to data sources and inputs and automation via the Prophet Control Centre of the process and connections into other platforms.

Implementation and Costs

Typical implementation costs:

Implementation costs vary depending on the scope of the project. Prophet Professional is simple to install, by running a standard setup installation package. Installation of the Prophet Data Management Platform can take longer, as some business analysis is required to understand the workflows, data models and dashboards that are needed.

How long does your software take to implement on site?

Implementation timeframes will also vary according to the project's scope. Again, for the same reasons as above, the Prophet Data Management Platform will take longer to install than Prophet Professional.

Key attributes of product:

Completeness – Prophet covers a comprehensive range of actuarial activity, including life, non-life, financial services, mortgages and pensions, and can be easily extended to cover more. The platform supports businesses of all sizes and includes work flow, data collation, aggregation and reporting capabilities.

Flexibility – Every component, from libraries to reporting databases, can be configured to fit the business.

Transparency – Code, whether from libraries or homegrown, can be viewed and shown to regulators. Combine results with assumptions and governance data to provide a complete picture of risk.

Ease of implementation – Minimize risk through cloud-based and managed services and modelling-accelerator libraries.

Please name companies that use the system/solution:

Prophet is used by more than 10,000 users across over 860 client sites in 65 countries.