Type of System
- Asset/liability management
- Capital modelling
- Data management
- Economic capital aggregation
- Economic scenario generator
- End-to-end ERM or Solvency II solution
- Governance, risk, compliance
- Internal/external reporting
- Portfolio analysis/hedging
- Risk Management
- Daily solvency monitoring
Type of Platform
Most recent significant updates:
Over the past year, we have enhanced the platform to support new regulatory requirements, such as US GAAP Targeted Improvements and IFRS 17. Further, to better support principles based valuation, we completely restructured our nested projections capabilities, making it more robust and efficient, and we modified the economic scenario structure to allow for more flexibility in the definition of the yield curve and indices.
Additionally, we continue to enhance our platform to provide a full end-to-end solution for financial reporting and analysis. This includes tools to support the development and change functions as well as the production processing.
For example, we expanded the development environment capabilities to include model configuration as well as changes to the business logic. Additionally, the audit reporting has been enhanced to automatically document all model changes included in a release.
Finally, we have worked in partnership with Microsoft to enhance the reporting functionality to allow for a rich and collaborative experience in reviewing and understanding results. These tools will allow our clients to tell a story and share the journey they took to explain results.
Planned future enhancements:
- Enhancing our tools to utilise Artificial Intelligence / Machine Learning tools
- Storage optimizations for increasing performance and reducing cost of our big data platform
- Further performance improvements for computations at scale
- Experience studies
The offering facilitates
- Least-squares Monte Carlo
- Solvency II standard formula
- Solvency II internal model
- IFRS 17
- Principle-based reserving
Integration with third-party or in-house systems?
We work with our clients and system providers as needed. For example, we incorporated Deloitte's XSG scenario generator into our end-to-end cloud computing process at Phoenix. Our IFRS 17 solution is designed such that we are agnostic to the system used to generate the policy cash flows feeding the IFRS 17 processes.
Implementation and Costs
Typical implementation costs:
Implementation plans are structured based upon individual client needs.
How long does your software take to implement on site?
Implementation time depends on the intended use cases and the business complexity. It may range between several months for a pragmatic cash flow model of a simple fund to 2-3 years for a full end-to-end ERM solution covering a wide range of applications for a large group.
Key attributes of product:
Integrate is a single technology platform that enables a holistic approach to the actuarial modelling and financial reporting process, offering a streamlined solution that balances flexibility and control.
- Automated end-to-end workflow
- Governance and collaboration layer around changes to assumptions, code etc.
- Data management layer connecting steps of end-to-end process
- Scalable computing powered by Microsoft Azure
- Solvency II Standard Formula and Internal Model Risk Distribution calculations
- Offered as Software as a Service, providing full support of infrastructure, disaster recovery, back- up and recovery, and guaranteed reproducibility of results
- Leading edge, fully integrated reporting solution
Please name companies that use the system/solution:
The Phoenix Group, Royal London, and two large US insurers