Prophet Supports Shinhan Life Insurance through Changing Times
As one of South Korea’s largest life insurers and a longtime client of FIS’ Prophet risk management solution, Shinhan Life Insurance is relying on Prophet to help it through major changes in both its own organization and the wider industry – namely, a company merger and the implementation of IFRS 17.
In 2019, Shinhan Life acquired another large Korean insurer, Orange Life. This year, against the backdrop of a global pandemic, Shinhan Life has been busy planning the full integration of the two businesses under its own name, now set to take place in 2021.
At the same time, the firm has been looking ahead to 2023 when the IFRS 17 accounting standard will come into force, presenting further operational challenges. On the regulatory front, Shinhan Life must also manage the coming requirements of the Korean Insurance Capital Standards (K-ICS).
Prophet will play a key role in bringing together the actuarial operations of Shinhan Life and Orange Life and preparing them for compliance. With the Prophet Enterprise platform, FIS had already helped Shinhan Life implement the new accounting standard – and will now support the rollout of an IFRS 17 architecture across the newly merged company.
By providing a complete, end-to-end actuarial modeling and risk management platform and new features such as a distributed database and AVX-powered calculations, Prophet is proving to be an effective hub for collaboration between Shinhan Life and Orange Life – and a robust platform for compliance and future growth.
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