SunGard Launches Risk Modelling Solution for P&C
Staff Writer | June 30, 2014
SunGard has launched its iWorks Prophet GI solution to help general/property & casualty (P&C) insurers manage the complexity of risk modelling, improve their capital management and reserving decisions, and support their commercial growth strategies.
iWorks Prophet GI helps general insurers achieve accurate and reliable actuarial modelling results while overcoming the end-to-end data management challenges and over-reliance on spreadsheets that can hinder efficient model analysis. It operates alongside iWorks Prophet’s life insurance modelling capabilities to help insurers that write both classes improve operational efficiency, and gain more accuracy and consistency in their model results.
“As reflected in our global research findings, general insurers around the world have understood they need to continue to invest in data and tools to improve capital modelling with specific focus on actuarial risk,” says Nicolas Michellod, senior analyst for Celent. “With the growing complexity of data that insurance companies have to deal with, a modern system like iWorks Prophet GI represents a strong alternative for insurers desiring to improve risk management.”
“Many insurers continue to rely heavily on spreadsheets for risk modelling, placing an unnecessary operational stress on analysts and potentially leading to costly errors through ill-informed business decisions,” says Bill Diaz, president of SunGard’s insurance business. “The impact is exacerbated as models become more sophisticated and regulations drive greater volumes of risk information. SunGard’s iWorks Prophet GI provides the enterprise risk modelling framework, delivering the consistency and transparency of data management and analytics general insurers need to support growth and meet solvency capital mandates.”
iWorks Prophet GI is provided on premise or through SunGard’s iWorks Prophet Managed Hosted Service to help insurers reduce the operational burden on their in-house resources and manage costs more effectively. SunGard has also launched a general insurance professional consulting practice to help insurers optimize their use of financial modelling applications and address related risk modelling issues, such as model quality assurance for Solvency II.
Featured articles
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Sapiens DECISION Recognized as a “Hot Vendor in Digital Business Platforms, 2017”
- DATAMATX Announces Prelude Software as New Solutions Partner
- Quadient Appoints Christian Hartigan President and General Manager of the Americas
- Gibraltar BSN Life Berhad Selects Majesco Distribution Management and Majesco Digital Solutions
- Desjardins General Insurance Group Deploys EIS Suite for Commercial Lines
- Acuity Modernizes Customer Communications Management with OpenText Exstream and ValueMomentum
- COUNTRY Financial Joins Roost’s Home Telematics Program
- Roost partners with The Weather Company
ELECTRONIC CHAT
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
-
Electronic Chat – Shashaanka Ashili
Robert Regis Hyle
Being a hardware engineer with an entrepreneurial fellowship in the surgical device space, he decided to invent a solution to reduce the incidence of... READ MORE
WEB EVENTS
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
-
Enterprise Architecture in an Agile World
Rob McCurley
It has become a common refrain over the past few years to view the practice of enterprise architecture (EA) as something that time has passed by, much... READ MORE
-
Distracted Living: What It Means for Insurance
Mark Breading
One important trend in society over the past decade is our increasing ability to create and consume a seemingly unlimited amount of digital content... READ MORE
only online
-
Down Market Opportunities Beckon Benefits Insurers
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
-
Technology at the Heart of Change in Insurance
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
-
Got Policies? IVANS Service Helps Feed Commercial Lines Producers
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
-
Technology Changes Coming Faster than Ever for Insurers
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Vendor Views
-
Consider Tackling Insurance Fraud Detection Before Claims Automation
Fraud detection has always been and will continue to be a critical component of claims management. Learning the lessons from current claims Straight... READ MORE
- Vendor Views
Partner News
-
Distracted Living: What It Means for Insurance
One important trend in society over the past decade is our increasing ability to create and consume a seemingly unlimited amount of digital content... READ MORE
- Partner News