Insurers are facing increasing pressure to maximize the value they can extract from their actuarial models. Actuaries and risk managers are asked to improve model performance, manage costs and related predictability, and satisfy internal and external demands for increasingly detailed insights into risk. However, managing model infrastructure and processes in-house creates an added strain on internal resources.
To help deal with these demands, FIS offers a range of cloud solutions to insurance actuarial and IT functions.
The Prophet Managed Cloud Service (PMCS) provides the Prophet application, the hardware through trusted public cloud providers, along with the management of the system as a single service. FIS manages the application, the security and the technology platform in a secure environment. Using its experience and knowledge of model configuration, the customer’s environment is continually reviewed to maximize model performance, balancing that against the customer’s desire to minimise costs.
Such improvements in operational efficiency moreover help insurers free up expert, often actuarially qualified, resources to spend valuable time on interpreting model results in order to better inform management decisions.
As well as supporting Prophet Enterprise as a production system, FIS' Prophet Cloud Services offer benefits for users of Prophet Professional and the Prophet Data Management Platform, with access to FIS' actuarial services. It also supports other applications that form an integral part of the customer’s end-to-end actuarial process.
View the Prophet Cloud Services brochure for more information.
Security is a key requirement for most organizations when considering a migration to the public cloud. Fortunately, given the high profile of the market-space and the size of the major infrastructure providers, security is an area in which significant investments are made in order to protect cloud-based offerings. While insurers need to evaluate the providers properly, any concerns over security should not deter an insurer from the opportunity to realize the potential for cost savings and improved performance. Read FIS' security overview here.