Here you can find information on the following topics:
Prophet - Life provides a fast, friendly and flexible solution for actuaries involved in life assurance, permanent health insurance and insured pension products. It manages the calculations and financial models used for:
- Embedded and appraisal valuations
- Cash flow and financial projections
- Net premium, gross premium and discounted cash flow valuations
- Realistic earnings valuations and reporting (including achieved profits, US GAAP and Margin on Services)
- Asset/liability modelling
- Dynamic solvency testing
- Stochastic projections
- Surplus and bonus strategy analyses
- Product pricing and design
- Analysis of surplus and movement in embedded values
- Current and projected contribution requirements for group pension schemes.
Although initial use of Prophet will be focussed on your current needs, Prophet makes it easy for you to extend your models to meet changing requirements in the future.
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Prophet is a 32-bit Windows™ based application that includes many features to help you build, run and report on your models. These features include:
| Building your financial models |
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- Intelligent interfaces for manipulating data and inputting assumptions
- Three different development environments to suit your modelling style and experience
- Comprehensive, indexed libraries of formulas to minimise the time and resource needed to implement Prophet
- The latest multi-economy stochastic models and the tools to generate and analyse multiple simulations
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| Running the calculations |
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- High performance compiled code
- One multi-purpose model, optimised separately for each actuarial project
- A range of options for repeating subsets of the calculations using different data or assumptions
- Progressive accumulation of results, enabling complex multi-layered models to be built
- Parallel processing across networked and multi-processor PCs
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| Reporting on the results |
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- Diagram View – a powerful representation of the formula dependencies and results, letting you track forwards or backwards through each step of the calculations
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- Full audit trails
- A wide range of integrated reporting options, including an interface into Microsoft Excel
- An Application Programming Interface ("API"), enabling Prophet calculations to be integrated into other applications or a website (see www.prophetdemo.com for examples of the API in action)
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Prophet is supplied with comprehensive libraries of actuarial formulas. System menus guide you through a design process which selects the formulas you require and helps you with your detailed coding. The libraries contain the majority of the formulas required but are easy for you to edit or extend if you require additional features. The libraries are used by you to:
- Model insurance products and group pension schemes, their associated liabilities and their profitability
- Model individual assets or classes of assets
- Perform calculations at a premium, policy, representative model point, sub-fund, fund, company or financial group level, including the dynamic interactions between the assets and liabilities
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Prophet is very flexible in allowing you to produce reports with exactly the information you require. You can use the pre-defined reports that are supplied or create your own reports to meet your specific requirements:
- Prophet Results are a quick and easy way to look at the output from your model. You can choose between the power of being able to view all variables for all time periods, and the control of viewing coherent subsets for selected time periods (for instance annual revenue account information)
- Prophet Queries allow you to construct focussed reports and comparisons for any aspect of the results
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- Prophet Reports allow you to pre-specify printed reports
- Prophet Excel Reporting provides a sophisticated interface into Microsoft Excel™. It includes over 80 reporting templates, including the UK FSA Forms
- You can also store and output values for each individual policy or model point processed
Click here to see a selection of the standard formats and templates provided for the most common reports:
- Profit testing
| | - Typical reports |
| | - Profit signature |
- Model Office
| | - Typical summary reports |
- Analysis of Movements
- Stochastic Projections
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Documentation
Prophet is supplied with comprehensive manuals which cover all aspects of the libraries, the system and their use. These manuals also cover the amalgamation of the different components into complete corporate models. In addition, a number of tutorials are supplied to introduce you to the major features of Prophet. This extensive documentation is provided both as bound and electronic books.
Context sensitive Help is available on every Prophet screen.
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You can include your own documentation for each component of your financial models within the Prophet workspace. For instance, you can embed your original product specifications and record the changes you make to the models from year to year.
Other Support
The Prophet support team and our consultancy teams provide:
- Extensive professional skilled resources to help with the implementation of Prophet
- Regular training courses on a range of Prophet related topics
- A telephone, fax and Email Helpdesk
- Regular User Meetings
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Further details of Prophet are available on request. For more information on Prophet, or to arrange a demonstration of Prophet, please contact your local SunGard account manager.
Other products: Prophet - ALS | Prophet - General / P&C | Glean
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