General / P&C Insurance

Prophet GI 2024 Q4

GI Library 2024 Q4

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

GI Capital Modelling (GICM)

Update IFRS 17 example to use the 2023 Q4 IFRS 17 Toolkit
Addition of the draft Kingdom of Saudi Arabia (KSA) RBC calculation and example Excel template
Significant optimisations of key parts of calculation intensive modelling areas

GI Reserving (GIR)

Addition of end-to-end IDR example loading data from IDR, sending results to IDR and displaying in a PowerBI example
Addition of reserve allocation example from one level to lower child levels of business
Additional example standard factor approaches, excluding the n maximum and minimums and excluding the n furthest outliers from the average
Addition of the Schnieper reserving method which includes IBNR splits between IBNYR and IBNER
Enhancement of the BCL reserving method to include IBNR splits between IBNYR and IBNER
Addition of new example Excel template to support additional functionality

The minimum required version of PP or PE for Prophet GI 2024 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*