One of Korea’s top life insurers Can Do It All with One Actuarial System from FIS
One of Korea’s top insurers wanted an actuarial system that could not only handle short-term operational and business requirements but also support its long-term growth as part of a larger organization. With FIS’ Prophet, the insurer gets an innovative, high-performing but stable solution to meet all of these objectives and more.
To address its most immediate challenges, the life insurer needed a mature actuarial system that was easy to implement and use. But the solution had to be flexible, too – and allow the firm to extend functionality and add capabilities as new business priorities arose, as well as integrate smoothly with other in-house and legacy solutions.
Critically, like other Korean insurers, they also faced complex new regulatory reporting requirements in the form of both the IFRS 17 accounting standard and the Korean Insurance Capital Standard (K-ICS). Again, time was of the essence, as an M&A completed in Q3, 2020 and they became the new subsidiary company of a major domestic financial group in Korea, so the firm would need to respond rapidly to these demands – but with an actuarial solution that would be around for many years to come.
Already widely used in Korea, Prophet provided an ideally fast but comprehensive and sustainable solution. The company chose to implement not only the platform’s core actuarial and risk management technology but also its advanced modules for data management and workflow.
With opportunities to extend the platform further, the business is now in a stronger position to operate efficiently in its new business environment, achieve regulatory compliance and manage its business effectively – whatever the future holds.
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