SunGard, a provider of software and IT services to the financial services industry, has released its iWorks Prophet GI application to help general and P&C insurers manage risk modeling, improve capital management and reserving decisions, and support commercial growth.
iWorks Prophet GI can help general insurers achieve actuarial modeling results, while addressing data management challenges and a reliance on spreadsheets that can hinder model analysis, SunGard said. It operates in conjunction with iWorks Prophet’s life insurance modelling capabilities to help insurers that write both classes to gain consistency in modelling.
Many insurers rely heavily on spreadsheets for risk modeling, and this is increased as models become more sophisticated, and regulations drive greater volumes of risk information, said SunGard. iWorks Prophet GI provides risk modeling framework that delivers consistency and transparency of data management and analytics for general insurers to meet solvency capital mandates, the company added. The application is available on premise or through iWorks Prophet Managed Hosted Service.
“As reflected in our global research findings, general insurers around the world have understood they need to continue to invest in data and tools to improve capital modeling with specific focus on actuarial risk,” said Nicolas Michellod, senior analyst, Celent. “With the growing complexity of data that insurance companies have to deal with, a modern system like iWorks Prophet GI represents a strong alternative for insurers desiring to improve risk management.”
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