The FIS Insurance Risk Suite (formerly known as Prophet) wins the award for its offerings that aim to provide a complete solution for actuarial modelling, data and governance at all types of insurers.

Whether it is used on site or via the cloud, the suite offers separate environments for developing and producing actuarial models, full control and audit across data input and results output, as well as end-to-end workflow.

The firm has recently invested heavily in technology improvements, such as upgraded computing technology, including advanced vector extensions, and distributed database technology to support larger volumes of data, all in a bid to improve client experience.

FIS now claims to have customers in over 90 countries and its clients include over 1,000 insurers and other financial services firms.

Martin Sarjeant, senior vice president for solutions management, insurance and climate risk at FIS, says many of its customers have looked to improve their reporting processes and models in the last 12 months, particularly as the IFRS 17 era has begun.

"In the 2023 version of Insurance Risk Suite, we have separated the calculation engine and user interface, so users have the flexibility to upgrade the engine ‘in-situ’, this means customers can take upgrades easier, faster and cheaper.

"Plus, we have recently made improvements to the suite that helps insurers cope with ever-increasing data and computational loads, reduce memory usage and minimise network latency."

Sarjeant explains the firm regularly updates its actuarial libraries to incorporate emerging regulatory calculation requirements and cites the new Bermuda Solvency Capital Requirement as an example.

The firm is also looking to increase its usage of artificial intelligence and machine learning both directly in predictive analytics models and indirectly in user support functionality.

"Above all, we aim to ensure our solutions, libraries and models are always looking to the future and incorporating new technologies, methodologies and regulations and protecting customers' investment in FIS Insurance Risk Suite, whether they're a new customer or been a customer for 10 years," Sarjeant says.