Regulators and insurers’ own management are constantly demanding more information on risk and how it is being managed. Regulators in particular are expecting details of governance and evidence of controls around the numbers coming from increasingly sophisticated models. At the same time, other stakeholders are looking for deeper insights into the risks faced by the business. Both of these put pressure on actuarial and risk management teams to deliver greater volumes of data more quickly, and more accurately.
To help them respond and grow their capabilities, insurers are turning their attention to automation of the end-to-end processes that produce the risk information, and the presentation of that data to a wider audience. Automation makes these processes more efficient and auditable, freeing up resources for data analysis and decision support. These processes span data preparation, model execution, transferring results into data warehouses and the delivery of regulatory reports and business intelligence to executives.
The FIS solution to this growing demand is the Prophet Data Management Platform.
The Platform automates the business processes around actuarial risk management, and integrates into insurers’ wider risk management environment. It uses proven technology to provide a complete, end-to-end risk data management and reporting solution, automating the calculation of fast and auditable results ready for business intelligence tools to distribute.
The components of the Prophet Data Management Platform are:
Flexible Results and the Flexible Results API. Flexible Results is an addition to Prophet Enterprise that allows writing of results to a distributed database system thereby achieving improved runtimes and greater scale in output. The Flexible Results API provides the ability to retrieve data directly and pass this to other database applications such as the Insurance Data Repository.
The Insurance Data Repository, which helps customers map Prophet output data to dimensions that are directly meaningful to the business, and for regulatory submissions. This offering underpins insurers’ ability to disseminate risk information effectively while reducing the operational risks and inefficiencies that can arise through over-reliance on end-user computing tools, such as spreadsheets.
The Prophet Control Centre, which is a highly configurable end-to-end process automation tool, allowing customers to define their business processes diagrammatically, including user interactions with the end users, and converting those definitions into running instances of the processes.
Read more about the Prophet Data Management Platform and its components in the datasheet here.