General / P&C Insurance

   

 

 Prophet GI 2020 Q2 further enhances support for IFRS 17 calculation functionality as practical experience and market approaches develop within General/P&C businesses: 

  • Enhanced reinsurance contract reporting support including
    • Contract and counterparty cashflow reporting
    • Claim reserve accident and underwriting period allocations supporting both ceded allocations and IFRS 17 OCI reporting
  • Simplification of fulfilment cashflow discounting including current, previous period forward, GMM locked-in and PAA locked-in rates 
  • Addition of support for regular premium contracts including premium indexation
  • Enhanced reserving standard factor support with option to include manual adjustments as well
  • Addition of multiple version support for Mack and Merz & Wuthrich calculations

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

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.

Prophet GI 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, Prophet GI 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 Prophet software platform, Prophet GI 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 Prophet GI 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 here and in the following materials: 

Brochure:
Prophet GI

Datasheet:
Capital Modelling

Datasheet:
Reserving

Case Study:
Reserving Solutions

RS

Case Study:
Projection Solutions

PS3

Brochure:
Prophet GI for IFRS 17

Previous publications: