RNA Analytics - R3S Software Suite
Type of System
- Analytics
- Asset/liability management
- Capital modelling
- Catastrophe modelling
- Data management
- Economic / risk scenario generator
- End-to-end ERM
- IFRS 17 solution
- Internal/external reporting
- Portfolio analysis/hedging
- Pricing
- Reserving solution
- Solvency II solution
- Stress and scenario testing
Type of platform
- Cloud
- Desktop-based
- Grid
- Server-based
- Web-based
Other features - does your offering facilitate
- Curve-fitting
- LDTI
- Least-squares Monte Carlo
- NAIC Principle-based reserving
- NAIC RMORSA
- Solvency II internal model
- Solvency II standard formula
What are the typical implementation costs?
The size of the investment depends on the size of the product portfolio, the complexity of the company structure and the type of models to be reproduced in the new tool, but also on the overall company infrastructure upon implementation.
The key element is to plan adequately the project, considering external impacts to ensure the different milestones are delivered under the agreed timeframe and budget, and answering the company’s business case.
Depending on the type of project, returns and cost saving would be measured based on different dimensions like time, flexibility, and robustness. Flexibility and transparency of the tool allow the end user to learn and work faster resulting in cost savings. A robust end-to-end process will allow future projects to be implemented more rapidly using the same IT infrastructure thus saving costs in the future.
How long does your software take to implement on site?
The duration of an implementation will depend on the size of the portfolio, the scope of project and the degree to which the client is involved. A medium-sized insurer, for example, looking for a fairly straight-forward implementation carried out by dedicated actuarial and technical consultants alone, may take up to six months.
In this time, teams will work to develop a full cash flow model, some stochastic modelling and decision management rules. In that standard implementation, users then need to be trained so they understand the full range of functionalities, so they are confident in using the tool and understand how to carry out testing and reporting.
No-one is going to be an expert after just a couple of months, so this needs to be considered part of the overall implementation. Over time, however, we typically find that clients become fully proficient with the tool and able to carry out all of their maintenance and future coding developments.
Please name companies that use the system/solution
References upon request
Do you have an open API?
We have published API's including our R3S Toolkit and R3S Workflow Manager that can also be operated through external API calls, ensuring optimised efficiency through automated workflows.
Contacts
Email: [email protected]