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
- Portfolio analysis/hedging
- Risk Management
- Reserving solution
- Stress testing
Type of Platform
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, we offer:
- Further updates to Prophet Control Centre, which was released in 2017 and builds on FIS’ strong pedigree in process control and workflow. Prophet Control Centre allows actuaries to apply the levels of rigor now required of all risk and regulatory processes to actuarial risk reporting, while reducing total cost of ownership and operational risk.
- Significant improvements to Prophet’s core development environment, including adding to user-defined functions, new modular coding routines and an additional, extensive mathematical and statistical library of functions that greatly extends the power of the solution.
- Investments in technology and speed that utilise GPU and AVX advances to enable our clients to reduce run times and costs – all within a fully governed environment.
- New updates to Prophet’s Life, Health and ALM libraries which primarily covered additions to our IFRS 17 and ALM applications. IFRS 17 enhancements have improved support for ALM models, including the ability to project investments using IFRS 9 categories for producing forecasted P&L results.
- Continued support for Principles-Based Reserving (PBR) as well as optimizing performance, especially for variable and equity indexed annuity products. We have also added functionality for managing the new U.S. GAAP targeted improvements for long duration contracts.
- Enhancements to our general insurance/P&C solutions to improve usability and further support IFRS 17 practices and interpretations.
- Expanded capabilities for new markets that integrate Prophet with other FIS risk management solutions, such as FIS’ Front Arena for insurance asset managers.
Planned future enhancements:
FIS’ three-year risk management technology strategy for the insurance industry is shaped by major insurance industry drivers: regulation; improved modelling of asset and liabilities; better presentation of information; and improving performance and efficiency for lower total cost of ownership.
Key focus areas include:
- Further deepening functionality for managing insurance regulations – helping insurers meet their regulatory requirements by adding new capabilities to the Prophet libraries.
- 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 – not only regulators, but also management and C-level executives, through the use of data management and business intelligence tools.
- New technologies – continued investment in GPU/AVX and distributed data platforms, to increase throughput and manage larger volumes of data more effectively, particularly when the data can be split across different locations and storage classes.
- Aligning consulting services – both on the technology side and actuarial side, to help clients 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. Prophet Managed Cloud Services provide flexible managed services from the cloud that enable insurers to run models faster and more frequently, and to reduce costs through better use of computing resources.
The offering facilitates
- Least-squares Monte Carlo
- NAIC's RMORSA
- Solvency II standard formula
- Solvency II internal model
- Replicating portfolios
- IFRS 17
- Principle-based reserving
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; and on the right-hand side with the Results Database and Data Repository. Throughout, you can drill back from results to data sources, while using the Prophet Control Centre to manage inputs, automation of processes and connections to other platforms.
FIS’ Prophet integrates with a number of third-party vendors to provide additional support for structured mortgage and asset-backed securities. We also support all standard economic scenario generators and recently announced a collaboration with Conning.
Implementation and Costs
Typical implementation costs:
Implementation costs vary depending on the scope of the project. Prophet Professional and our other desktop applications are simple to install, by running a standard setup installation package. As enterprise software solutions, the installation of Prophet Enterprise and the Prophet Data Management Platform can take longer and involve some business analysis to understand the required workflows, data models and dashboards. A large number of actuarial risk management libraries, covering regulation, liabilities and assets suitable for all lines of business and all regions, will also be used as a foundation for each insurer’s risk models. Implementation time and costs for these libraries will vary according to the size of the company and the complexity of its products.
How long does your software take to implement on site?
Again, implementation timeframes vary according to the project's scope. However, extensive out-of-the-box functionality and actuarial libraries make it easier for insurers to rapidly deploy our software and develop risk models.
Key attributes of product:
Completeness – Prophet covers a comprehensive range of actuarial activity and libraries, including life, non-life, financial services and pensions – supporting automation, data management, aggregation and reporting for businesses of all sizes.
Flexibility – Configure every component, from actuarial libraries to automation, to fit requirements.
Transparency – View and show actuarial code to stakeholders; and combine results with assumptions and governance data for a complete picture of risk.
Ease of implementation – Minimize risk through cloud-based managed services and modelling-accelerator libraries.
Reliability – Used by nearly 1,000 institutions globally, Prophet continues to grow strongly after 30 years, with high numbers still switching to our leading-edge solutions.