With actuarial models being used for more and more purposes, and Principles-Based Reserving (PBR) standards on the horizon, separate systems for valuation and projection are simply not equipped to meet new business and reporting requirements.
Prophet provides a single platform for ALM, pricing, planning and valuation that delivers the right combination of governance, flexibility and speed today's U.S. insurers demand.
Read our latest white paper about Taking Control of the Actuarial Modeling Process.
Alternatively find out more from our Solutions Managers. Martin Sarjeant discusses three crucial reasons why U.S. life insurers need a single Actuarial modeling platform.
Sean Hayward discusses why now is the best time for U.S. life insurers to move to a single, modern platform.
A single, modern platform for multi-purpose modeling
With Prophet, you'll only need to model your products once, and reuse the same model for many purposes. As a result, you'll be able to:
- Save time - eliminates reconciliation time and effort between valuation and projection platforms
- Increase efficiency - enables the same model to be reused with different assumptions
- Reduce costs - limits hardware and licensing costs to a single vendor, decreasing overhead
- Improve consistency - ensures accurate, consistent information across multiple teams
Governance and transparency in one
Much more than a calculation engine, Prophet provides governance across the entire solution, without sacrificing transparency. It provides the flexibility needed for pricing, the control required for valuation, the speed demanded for ALM, and the granularity needed for planning. And most importantly, it allows you to manage your business while keeping control where it belongs - with you.
Prophet's multi-user, permissions-based actuarial modeling production environment is tailored to the specific needs of its users. It even includes a streamlined interface specifically designed for valuation users. When running models in production, you'll be able to:
- Assign responsibilities and permissions to individual users
- View, edit and track assumptions - entirely separate from the model calculations
- Perform an automated analysis of change from one reporting period to the next
- Trace calculations in diagram view for full transparency, including a version of diagram view designed for auditors
- Download Excel-based Auditor Reports replicating the reserve calculation for individual policies
Prophet also provides complete automation of the entire production process using Prophet's APIs and Prophet's business process management tool.
Learn more about the production environment, Prophet Enterprise.
Prophet provides standard actuarial libraries that offer out-of-the-box functionality to model Life, Annuity and Health products in the U.S., along with the relevant GAAP, statutory and tax reporting calculations. It even includes vendor-maintained calculations used specifically for valuation.
Moreover, our libraries are now sub-divided into books, allowing companies to more easily upgrade to the latest libraries as they are released.
Prophet also provides users with a comprehensive ALM library, with out-of-the-box functionality to model assets, investment strategies and the interaction between assets and liabilities.
Learn more about our actuarial libraries.
Learn more about our ALM capabilities.
Flexibility of development tools
Although Prophet's production environment is locked down, Prophet includes a robust developer's studio to provide specific users with full flexibility and intuitive tools to fit their modeling needs. The developer's studio enables you to:
- Model new products in Prophet
- Update the standard library for custom product features and reporting needs
- Simplify models and products by creating modules, or subsets of code, that can be called over and over again with varying inputs
- Create runs within runs, allowing you to run nested stochastic or nested deterministic calculations
Data and reporting
Prophet has an integrated data management platform which can manage and transport your data from the admin system through the calculation engine, eventually loading results into a data warehouse, which can be used for business intelligence. This award-winning platform allows you to:
- Convert data from admin systems, Microsoft Excel or text-based output into a Prophet-ready format
- Analyze experience data, using the same assumption tables used by the models
- Automatically promote results to an operational results database, and further into an integrated data warehouse, ready for analysis by a business intelligence engine
Learn more about our award-winning Prophet Data Management Platform.
Learn more about our integrated experience analysis tool, Glean.