Prophet Solutions

Whether you base your models on our supplied libraries or code, or you build them entirely yourself, the power and flexibility of Prophet enables you to solve many varied business needs. Prophet's strengths in control and audit functionality make it a valuable part of many business-critical operations.

The Solutions section describes some of the key areas where Prophet can be used. Including:

  • Looking forward to global insurance accounting (IFRS) developments
  • The principles-based reserving world of valuations and projections has undergone some major transformations
  • Prophet provides a single platform for ALM, pricing, planning and valuation
  • US GAAP reporting including long duration targeted improvements
  • Accommodating new and innovative demands in life insurance modelling
  • Expanding Prophet into the general / P&C insurance industry
  • Advanced modelling with Nested Structures allows actuaries to connect together their actuarial models to respond to the demands of both regulatory reporting and internal risk assessments while Modules brings greater flexibility and control to the code base
  • The control, auditability, resilience and power that process and data governance brings
  • Prophet Cloud Services - an optimized, managed environment for efficiency and performance
  • Consultancies can demonstrate their capabilities via our official accreditation program

Countless other possibilities exist, and we'd be keen to talk to you about new opportunities.  If you have questions not covered by this section, please contact us at prophet@fisclientservices.com.

IFRS reporting

The international Accounting Standards Board's (IASB) new accounting standard represents a significant step forward in reporting for insurance contracts and will require changes to existing systems and processes.

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US GAAP LDTI

Prophet comes with standard US GAAP functionality, both for seriatim FAS60 calculations and cohort-level FAS97 calculations, and offers a number of additional features.

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Advanced Modelling

Under the latest risk-based reporting regulations, companies are required to perform multiple interacting projections to meet their regulatory requirements.

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Proxy Fitting

The rise of risk-based solvency regimes has prompted insurers to look for actuarial modelling solutions that are capable of being recalculated a large number of times in order to examine the impact of stressing particular assumptions or investigating a range of scenarios.

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Enterprise Risk Data Management

Regulators and insurers’ own management are constantly demanding more information on risk and how it is being managed.

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Prophet Cloud Services

Insurers are facing increasing pressure to maximize the value they can extract from their actuarial models.

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Empowering The Financial World