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Guy Carpenter - MetaRisk

Published in: Software - IT

Companies: Guy Carpenter

General description of system

MetaRisk is a comprehensive economic modeling tool that informs the risk and capital management decision-making of insurance enterprises. The platform provides a wide range of built-in standard financial metrics, and its realistic timeline framework shows the evolution of business over multiple years, allowing users to better understand and anticipate the true impact of their decisions. As a modern, cost-efficient PC-based tool, MetaRisk has the speed and flexibility to run on a laptop. It features an easy-to-use design surface and has the capacity to run millions - rather than thousands - of simulations.

MetaRisk puts transparent and auditable information into users' hands, so they can validate their risk and capital management position with all constituents and make business-critical decisions with confidence.

Functions performed

A fully integrated model, MetaRisk delivers comprehensive underwriting, reserve, catastrophe, credit and investment risk capabilities and assists users in meeting the rigorous demands of enterprise risk management (ERM) and Solvency II regulatory requirements. The platform's highly transparent foundation enables users to quickly identify the drivers of adverse risk scenarios at their source, run sensitivity analyses and dynamically evaluate alternatives to mitigate the risk. Moreover, MetaRisk gives users the power to:

  • Understand both systemic and unique risk sources
  • Reflect correlations among assets and liabilities
  • Monitor earnings volatility
  • Allocate capital and the cost of reinsurance
  • Quantify overall capital adequacy
  • Evaluate alternative strategies
  • See the results with full multi-year financial statements

Specific Solvency II features

MetaRisk is fully compliant with Solvency II and has a complete set of built-in Solvency II reports. The platform's standard Solvency II report shows a detailed analysis of future risk, providing a focus on the 12-month time horizon over which Solvency II requires a 99.5% likelihood of solvency.

MetaRisk complements the Solvency II standard formula, so the results of both can be combined to provide users with a clear and accurate view of their capital adequacy relative to the solvency capital requirement (SCR). And MetaRisk delivers the reporting flexibility necessary to make risk modelling transparent. Users can demonstrate the average amount of loss across a stated set of scenarios or the average amount of a potential insolvency. Its timelines illustrate the precise iterations that lead to the modelling and capital solvency calculation results, which aid in clear regulatory reporting.

Specifications

As a PC-based tool, MetaRisk provides faster run times with smaller output files, and its efficient memory management allows for top performance and runtime speeds even with comprehensive modelling.

MetaRisk is a standard desktop software that runs on a PC operating Microsoft Windows XP. Required memory and hard drive space is 2GB RAM and 50MB, respectively. MetaRisk does not require any special hardware or extra servers.

Licensing/sales/support

MetaRisk is an annually licensed product, with upgrades included during the licence period. With simple drag-and-click functionality, the platform is easy to learn and use and can be seamlessly integrated into existing workflows. It requires fewer dedicated staff hours and eliminates the need for ongoing consulting costs. While Guy Carpenter provides support as necessary, licensees should not require significant support after the initial training. MetaRisk is continually enhanced to ensure clients' investments are long-lived.

Types of user

MetaRisk is currently licensed by capital modelling teams, ceded reinsurance departments, assumed reinsurance actuarial teams and corporate research teams at leading insurance and reinsurance companies.

Areas/countries with the most users

MetaRisk is licensed worldwide.

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