General / P&C Insurance

Prophet GI 2022 Q4

GI Reserving Interface 2022 Q4 application

The new GI Reserving Interface application is a brand new application supporting the Prophet GI Reserving library.

  • Enhanced performance, stability and functionality
  • Additional controls and auditability using action logs, comments, roles and permissions
  • Enhanced visualizations using sophisticated graphing functions and tools
  • Additional user configuration options to support the already significant out-of-the-box functionality
  • Additional capabilities to organize individual reserving processes using a restructured work area and full multi-window support

GI Library 2022 Q4 enhancements

The GI library updates support the new Reserving Interface and align IFRS 17 calculations and processes to the IFRS 17 Toolkit

  • GI Capital Modelling (GICM)
    • Addition of an IFRS 17 Toolkit example, note you must have the Prophet IFRS 17 Toolkit library license and IDR to be able to use the example
    • Optimization of IFRS 17 calculations to align to the standard IFRS 17 Toolkit process and solution
    • Addition of an example daily UPR calculation
    • Update to align to the new GI Reserving data structures
    • Minor bug fixes
  • GI Reserving (GIR)
    • A new data structure to support improved interface calculation performance
    • A new example DCS process to produce the new data structure using the same input data as the previous process
    • An example DCS process to convert existing data files to the new data structure

The minimum required version of PP or PE for Prophet GI 2022 Q4 is 2022 Q1 SP2.

 

FIS has extended its established expertise in risk modelling and data management to the non-life industry with FIS Insurance Risk Suite - GI Edition.


Running risk models themselves is only one side of the operational challenge for general insurers. In addition, data preparation, assumptions and parameters, and data loading need to be well managed. Similarly, model results need to be collated into a suitable database, and transformed into easily consumed business intelligence reports and dashboards.

Insurance Risk Suite - GI Edition represents a complete end-to-end risk modelling solution to these problems, helping insurers meet regulatory requirements and reduce over-reliance on spreadsheet solutions.

In addition to providing the core reserving and capital modelling functionality, data management and business intelligence capabilities, as well as dedicated actuarial and technical services, help actuaries and risk officers improve insights into their business. Enhanced transparency and control increase process efficiency and reduce operational risk.

Quick to deploy, and designed with flexibility and ease of use as key considerations, Insurance Risk Suite - GI Edition helps non-life insurers produce key financial modelling reports, with the ability to handle economic scenario and catastrophe model output data from major external suppliers.

As it is based on the FIS Insurance Risk Suite software platform, Insurance Risk Suite - GI Edition offers a range of consolidation benefits for multi-line insurers that want the operational efficiency of an integrated modelling approach.

To help customers optimize their use of Insurance Risk Suite - GI Edition and to gain the maximum operational benefit, FIS provides comprehensive consulting and service packages.  More information on these services can be viewed here.

More information on the capital modelling and reserving applications is available in the following material: 

Product Sheet:
Insurance Risk Suite - GI Edition

Product Sheet:
Reserving 

Interactive infographic:

Datasheet:
Capital Modelling

Datasheet:
Reserving

Brochure:
Prophet GI for IFRS 17

Previous publications: