Zenith Actuarial - evo-insight
Type of System
- Analytics
- Asset/liability management
- Capital modelling
- Data management
- Economic / risk scenario generator
- End-to-end ERM
- Environmental, social and governance
- Governance, risk, compliance (GRC)
- IFRS 17 solution
- Internal/external reporting
- Operational risk management
- Portfolio analysis/hedging
- Pricing
- Reserving solution
- Solvency II solution
- Spreadsheet risk management
- Stress and scenario testing
- PRIIPS, Matching Adjustment
Type of platform
- Cloud
- SaaS
- Server-based
- Web-based
Other features - does your offering facilitate
- Curve-fitting
- Least-squares Monte Carlo
- Solvency II standard formula
- Consumer Duty Checklist
What are the typical implementation costs?
Portfolios and applications can be configured and deployed in just a few hours. Implementation costs are very low with the focus on embedding existing intellectual property and configuring/parameterising the application rather than developing or converting models. The evo-insight platform not only provides no code models and analytics it also incorporates “out the box”, pre-built data management, workflow, asset, liability and capital analytics and reporting.
We also offer bespoke modelling and advisory services.
How long does your software take to implement on site?
evo-insight is a cloud-based solution and hence immediately accessible via a web browser with no on-premises infrastructure.
Please name companies that use the system/solution
We do not provide individual client details. However, a range of insurers including those focused on a wide range of sectors such as protection writers, bulk purchase annuity, friendly societies and traditional life insurers are benefiting from evo-insight.
Do you have an open API?
When clients implement evo-insight to embed their end-user computing logic, they can choose to interact with the web-based interface or have API end-points.
Does your solution incorporate AI technology? How?
AI has been implemented into applications via a chatbot interface through which users get custom insights.
Most recent significant update:
As evo-insight has been used for an ever-increasing number of use-cases, the functionality has broadened to reflect that. Areas of recent development include extending the types of end-user computing which can be embedded to python scripts, bringing more flexibility to how end-users can scale their applications and developments oriented towards the growing bulk-purchase annuity market.
Zenith's growth has also continued with ongoing recruitment in both the actuarial and technology teams.
Planned future enhancements:
As end-user computing technologies continue to become more prevalent, the role of governance and scale will become increasingly important. evo-insight will continue to develop so that governance and scale requirements are easy to implement for end-user computing. Additionally, the pre-built application suite is expected to expand to match the range of areas that Zenith's client base operates in, including non-life reserving and bulk-purchase annuities.
How does your solution integrate with third-party systems or in-house systems?
evo-insight is a modern Application Programming Interface (API) driven, web based, solution deployed on Azure. It comes complete with a set of pre-built adapters, facilitating seamless integration to third party or in-house solutions.
Clients can embed existing end-user computing assets into evo-insight, as well as selecting pre-built applications from the evo-insight App store.
What is the key attribute of your product(s) that differentiates it from your competitors?
We have four key differentiators:
- Bringing Scale and Governance to End-user Computing. evo-insight solves the problems associated with spreadsheets and python scripts by embedding them within a powerful web application. Uniquely the application can embed any VBA macros, distribute processing across scalable compute infrastructure, store inputs and outputs and provide interactive results visualisations. This means stochastic and looped calculations for even the largest and most complex portfolios and sets of data points can run efficiently.
- All the evo-insight applications (models) are proven and implemented with insurers. But importantly they are pre-built requiring only configuration - no coding is needed. This means that applications can be built and deployed rapidly and are fully maintained by Zenith.
- Another key differentiator of evo-insight is the powerful analytical capability packaged with the applications. This means that insightful reports and interactive dashboards can be generated directly from the results of the application. A combination of pre-built and custom reports and dashboards provides users with graphical information and forecasting capabilities to aid decision making.
- Finally, all evo-insight applications run on Azure to provide security and compute power on demand.
What trends are you seeing in terms of customer demand?
Insurance is becoming increasingly complex as the regulatory and competitive demands grow. IFRS 17/9, SII, ESG are all adding to the complexity. Equally, there is greater scrutiny from the regulators in terms of data quality, validation of results and compacted reporting timescales. Finally, there is the pressure on reducing cost and driving more value out of the business.
Given the dynamics of the market, the need to make insightful business decisions rapidly is greater than ever before.
evo-insight is designed with these challenges in mind. When insurers are opting for end-user computing solutions, evo-insight ensures scale and governance are not left behind. When insurers want to leverage pre-built applications, evo-insight's out of the box applications and no code application approach with full maintenance and documentation, reduces costs and enhances compliance. Costs are further reduced by utilising the Azure environment where customers only pay for infrastructure they use. Importantly, the embedded analytics provide the insight that business users need to make business decisions.
Contacts
Email: [email protected]
Email: [email protected]
